According to data from CoinGecko, the bitcoin price once again exceeded $12,000. The price first gained more than $100 in 1 hour and collapsed $11,950 at 14:30 UTC. At 16:30 UTC, the bitcoin price broke $12,000.
Daily bitcoin price chart
The days were quiet for bitcoin when the DeFi volume exceeded $20 billion in last month. Looking at the last 30 days, although it has attempted to break $12,000 several times, the crypto has not managed to be permanent. Meanwhile, with the unstoppable rise of the DeFi industry, investors started to shift their money to this space. But it seems that the plans are changing. Because the bitcoin price once again went above $12,000.
Of course, the near future is a big mystery. At the time of writing, the price has once again dropped to $11,950, but such breaks should be regarded as normal during the uptrends. This may be seen as “breathing” for BTC. The increasing volatility in the last few hours indicates that a great fight has begun between buyers and sellers. It is obvious that the $12,000 level is a very critical trading zone. At this point, many people are buying or selling.
“PlanB’s plan” is going well
Meanwhile, PlanB’s plan, one of Twitter’s most famous cryptocurrency analysts, seems to be going well. The S2F (Stock to Flow) model created by the trader is working as expected these days. He celebrated this on Twitter and claimed that BTC was operating like a clock.
— PlanB (@100trillionUSD) September 1, 2020
In the meantime, bitcoin dominance in the market has dropped below 55%. The altcoin market has been much more volatile than BTC for a long time, especially with DeFi protocols’ rise. Impatient investors who want to take advantage of this situation have moved their assets to the more risky but profitable ones instead of “calm bitcoin”.
At the time of writing, BTC, which gained 1.9% in the last 24 hours, is trading at $11,960. According to CoinGecko data, the weekly earning of the cryptocurrency is 1.7% and the monthly earning is only 1.2%. However, looking at 365 days of data, BTC earned its investors 25%.
So do you think bitcoin will be able to stay above $12,000 this time? Or will we have to wait a little longer for this? Share your comments with us below.