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.

FXStreet Team FXStreet

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 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

FXStreet

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