Bitcoin Price Analysis: BTC/USD bulls eying up $12,000 as a critical resistance level

Bitcoin's price is currently trading at around $11,700 after several rejections from $12K.
Bitcoin bulls desperately need to crack $12K convincingly.

Lorenzo Stroe Independent Analyst

It's clear that Bitcoin's most important resistance level is $12,000. Something similar happened before the breakout above $10,000. Bitcoin was trading below $10K and was getting rejected from the level for months. It took around 3 months of sideways trading before Bitcoin finally got its breakout.

We could see Bitcoin perform something similar trading below $12,000 but above $11,000 for the next few weeks or even months. The most crucial support level is $10,000 as it was a significant resistance level.

However, fundamental metrics are clearly showing that the interest in Bitcoin is increasing notably. Grayscale, the biggest crypto trust fund has been buying massive amounts of Bitcoin throghout 2020.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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