TRENDING:
EUR/USD
GBP/USD
XAU/USD
Trade War
USD/CAD
AUD/USD
Sponsored by
Login
|

Bitcoin Technical Analysis: BTC/USD eying up $12,000 after $1.2 billion in Bitcoin left exchanges

  • BTC/USD is trading at $11,800 after a notable breakout on August 5.
  • Trading volume seems to be declining but the number of Bitcoin inside exchanges also has declined. 
Bitcoin Technical Analysis: BTC/USD eying up $12,000 after $1.2 billion in Bitcoin left exchanges
Lorenzo StroeLorenzo StroeIndependent Analyst

According to recent reports, the number of Bitcoin inside exchanges has dropped significantly over the past week. This indicates that investors are bullish on BTC and are willing to hold the digital asset instead of selling it. 

BTC/USD daily chart

BTCUSD

Bitcoin dropped to a low of $11,578 before recovering and peaking at $11,888. The $12,000 psychological resistance level is still the most relevant point in the short-term, followed by the 2020-high at $12,112.

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:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP slide further as risk-off sentiment deepens

Crypto Today: Bitcoin, Ethereum, XRP slide further as risk-off sentiment deepens

Bitcoin faces extended pressure as institutional investors reduce their risk exposure. Ethereum’s upside capped at $3,000, weighed down by ETF outflows and bearish signals. XRP slides toward November’s support at $1.82 despite mild ETF inflows.

Ripple eyes record high breakout in 2026 as Ripple scales infrastructure

Ripple eyes record high breakout in 2026 as Ripple scales infrastructure

XRP has traded under pressure, but short-term support keeps hopes of a sustainable recovery in 2026 alive. The launch of XRP ETFs and regulatory clarity in the US pave the way for institutional adoption.

Bitcoin risks deeper correction as ETF outflows mount, derivative traders stay on the sidelines

Bitcoin risks deeper correction as ETF outflows mount, derivative traders stay on the sidelines

Bitcoin (BTC) remains under pressure, trading below $87,000 on Wednesday, nearing a key support level. A decisive daily close below this zone could open the door to a deeper correction.

Monero builds momentum amid bullish bets and looming resistance

Monero builds momentum amid bullish bets and looming resistance

Monero (XMR) trades close to $430 at press time on Wednesday, after a 5% jump on the previous day. The privacy coin regains retail interest, evidenced by heightened Open Interest and long positions.

Orange Juice Newsletter – Smart insights by real people. Every day.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.