Price Analysis

Bitcoin Faces a Stringent Resistance at $12k; Trades at $11.8k

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Bitcoin, at the time of penning down this article, was trading above $11.5k at $11.8k and is notably trading above 61.80% Fib Retracement level. Over the past three weeks since the beginning of the month, the price movement of BTC has been swaying above $11k with just intermittent rise and dip to $12.1k and $10.5k, respectively.

However, Bitcoin’s price has been consolidating above $11k from quite some time now, and this seems to be the new old in context to Bitcoin’s accumulative price movement below $10k and $9.5k in the previous month. Reminiscing the previous slogging below $10 and $9.5k, this appears to be the new accumulating zone until the next breakout. This accumulation around a leveled-up price area is nothing but the same choppy market session as the previous one.

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For the longest time, BTC was only known as a gambling instrument until people realized its worth and the power behind digital assets and investment. It is yet to be adopted by many, but this 1st generation crypto has lured massive attraction recently and has altogether geared up after the ongoing Pandemic. With an increasing need for digitalization, Bitcoin and crypto are the next generation door to development and ease of quick money.

The price dynamics of Bitcoin are least concerned when the underlying technology is well understood.

Bitcoin, at the time of writing this analysis, was trading at $11,833 and held complete support from 50-day and 200-day daily MAs. Over the past five days, the coin has been drawing a notable uptrend, but the intraday candlesticks are inclined towards the lower 20-day Bollinger Band as they appear slowly squeezing. The intraday bearish outlook of BTC has led to bearish divergence on the intraday chart and MACD chart, but the trend is holding above 61.80% Fib level.

Bitcoin price trend was right above the 38.20% Fib Retracement Level until it tested supports around $11.2k in the previous week.

Alongside this, the RSI is lying at 50.02 and withholds no trading extremities. The major support and resistance to watch out for lies at $11.2k and $12k, respectively.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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