TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
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:

Editor's Picks

Ripple bulls eye another breakout with $1.70 in sight

Ripple bulls eye another breakout with $1.70 in sight

Ripple (XRP) upholds a strong bullish outlook, while consolidating near $1.50 on Tuesday. A 72% rally last week pushed the token to $1.70 before it pulled back to seek support amid possible profit-taking and an overstretched market trend.

Polygon extends rally as bull market discovers steady network growth

Polygon extends rally as bull market discovers steady network growth

Polygon (POL) advances to a steady recovery above $0.1200 on Tuesday for the fifth consecutive day, sustaining its 45% gains from last week. The Polygon network is witnessing steady growth in transaction activity and real economic value.

Crypto Today: Bitcoin soars past $80K as Ethereum and XRP hold gains

Crypto Today: Bitcoin soars past $80K as Ethereum and XRP hold gains

Bitcoin (BTC) is trading above $80,000 on Tuesday. This is the highest level the Crypto King has traded since mid-May, underscoring a positive shift in investors' risk-on sentiment, liquidity conditions and the technical outlook.

Bitcoin rally above $80,000 shows signs of overheating 

Bitcoin rally above $80,000 shows signs of overheating 

Bitcoin extends gains, trading above $80,000 at the time of writing on Tuesday following its strongest weekly rise in more than three years. Institutional demand continues to support this rally, with spot ETFs recording positive inflows on Monday.

Bitcoin: The US Treasury saves BTC

Bitcoin: The US Treasury saves BTC

Bitcoin extends gains, trading above $77,000 on Friday after rallying over 20% and reaching its highest level since mid-May. Crypto markets continue to cheer the US Treasury’s decision to double its debt buyback operations, posting their 7th-largest liquidation event in history.

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