Bitcoin back over $12k as Chainlink corrects

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Last Updated on 18 August 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Two remarkable telltale signs in the CoinMarketCap top 10 today. Whereas the Bitcoin price goes over $12,000 and then some, Chainlink seems to have fallen prey to profit taking. Could Bitcoin Cash therefore take back the fifth place on the list once again?

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Push to $15k?

Analysts are wondering whether Bitcoin can hold the level over $12,000 this time round. If it does, then the next stop could be round the $15,000 price level according to some well known technical consultants.

Darius Sit, managing partner of Singapore-based QCP Capital, stated:

Bitcoin has been trading in a $11,000-$12,000 range for two weeks or so.

It has been consolidating, threatening to break past $12,000, so this is not too surprising.

Problem is that indicators show that the volume behind this latest push might not be enough to carry Bitcoin over the threshold and keep it above $12,000. Then again, analysts have been predicting a fall below $10k for a while as well, so you never know.

Recent reporting on Bitcoin has been positive worldwide and the report from Tradingview that Bitcoin and Tesla were the most popular investments in the US thus far is certainly a remarkable sign.

Chainlink correction?

Further down in the top 10 on CoinMarketCap we see Chainlink that seems to fall prey to profit taking as the DeFi coin tanks some 10% to a level around $17.

Knowing that a month ago it still traded at around $8, (we told you it broke the $10 around the beginning of this month only) this is of course a healthy retrace. Some people on Twitter are already wondering whether this is the start of a correction.

Other reports indicate that earlier in the day, Chainlink suffered a 20% flash crash.