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Breaking: Bitcoin smashes $16,000 hurdle in readiness for the run-up to $20,000

  • Bitcoin breaks out above $16,000 for the first time since 2018.
  • The rest of the cryptocurrency market is expected to follow Bitcoin’s footsteps, extending the bull cycle.
Breaking: Bitcoin smashes $16,000 hurdle in readiness for the run-up to $20,000
FXStreet TeamFXStreet TeamFXStreet

Bitcoin has topped the critical $16,000 after the first attempt failed to make significant progress on Wednesday. The flagship cryptocurrency appears to be on steroids, with the price action having lifted above $16,100. The Relative Strength Index also supports the breakout after bouncing off support at the midline.

BTC/USD price chart

BTC/USD daily chart

The upswing is expected to continue, especially with Bitcoin making a final leg up to its all-time high. Meanwhile, buyers must hold the price above $16,000 to have ample time for planning the next attack towards the coveted level at $20,000.

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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