Breaking: BTC/USD above $12,000 after an initial rejection

Bitcoin just climbed above $12,000 touching $12,200 on Binance but getting rejected.
It is now fighting to stay above $12,000 as selling pressure keeps mounting.

Lorenzo Stroe Independent Analyst

Bitcoin is currently trading at around $12,050 but bulls are not confident that this is the final attempt to crack $12,000.

BTC/USD 1-hour chart

The $12,000 level has been a tough resistance point similar to what happened months ago with $10K. In fact, it has been worse due to significant liquidations happening above the resistance level creating massive wicks to the upside and downside in mere minutes. This latest attempt to crack $12,000 has a lot of trading volume but investors are not confident just yet. We would need to see Bitcoin trading above $12,000 for a few hours and then see continuation to really confirm the breakout.

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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