TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

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

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.

More from Lorenzo Stroe
Share:

Editor's Picks

Solana Price Forecast: SOL consolidates as ETF inflows and on-chain activity rise

Solana Price Forecast: SOL consolidates as ETF inflows and on-chain activity rise

Solana (SOL) edges lower on Tuesday, following a 3% rise to start the week, extending its consolidation around the $100 psychological mark. Institutional confidence holds firm in the layer-1 blockchain, with $11 million in inflows on Monday, showing signs of increased risk appetite ahead of the CLARITY Act cloture vote scheduled for Tuesday.

CLARITY Act faces fresh pressure ahead of key Senate cloture vote

CLARITY Act faces fresh pressure ahead of key Senate cloture vote

The CLARITY Act is facing fresh opposition from a bipartisan group of state attorneys general ahead of a key Senate vote, with the officials urging lawmakers to reject the legislation unless changes are made to preserve state enforcement powers.
Ripple and Stellar outlook: Extend gains as derivatives support upside

Ripple and Stellar outlook: Extend gains as derivatives support upside

Ripple and Stellar extend their gains after surging over 6% and 8%, respectively, on the previous day. In addition, improving derivatives metrics support a bullish bias, signaling further gains for both altcoins. Derivatives data shows bullish bias among traders. CoinGlass’ long-to-short ratios for XRP and XLM read 1.15 and 1.35, respectively, on Tuesday.

Crypto Overview: Bitcoin remains volatile amid CLARITY Act vote – Zcash, Stellar rally

Crypto Overview: Bitcoin remains volatile amid CLARITY Act vote – Zcash, Stellar rally

Bitcoin (BTC) holds steady around $78,000 on Tuesday, sustaining its roughly 2% recovery from the previous day. Broader cryptocurrency market volatility remains elevated ahead of the scheduled CLARITY Act cloture vote on Tuesday. Zcash (ZEC) and Stellar (XLM) retain bullish momentum, emerging as the top performers over the last 24 hours.
Bitcoin: BTC retreats as macro headwinds grow

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.