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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Faces Strong Resistance at $12,000 as Technical Strength Builds

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Bitcoin BTC

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Bitcoin (BTC) has been facing a significant amount of buying pressure as of late that has allowed it to surge from lows of $9,100 to highs of $12,300. This upwards momentum marks a reversal of the downtrend that the crypto has been facing over the past month.

Now, analysts are noting that $12,000 is a “line in the sand” that may prove to be a significant level of resistance that holds strong in the near-future, despite bolstered technical strength.

Bitcoin Faces Strong Resistance at $12,000

At the time of writing, Bitcoin is trading down marginally at its current price of $11,700 and is down significantly from its daily highs of $12,300.

Late last night, BTC rapidly surged to highs of $12,300 before facing a significant increase in selling pressure that sent the cryptocurrency’s price reeling to lows of roughly $11,600, where it found some support before climbing slightly today.

Although $12,000 appears to be a strong level of resistance in the near-term, it is important to note that the cryptocurrency is still up significantly from its recent lows of $9,100, which is the price at which the recent uptrend first began.

Hsaka, a popular crypto analyst on Twitter, recently explained that he believes that Bitcoin’s daily close will be a critical factor that elucidates which direction the crypto is heading next.

“$BTC 1W: The ~12k level seems to be the line in the sand right now. Price has breached it on numerous occasions but hasn’t managed to close above since quite a while. I’m currently flat, waiting to see how this week resolves. Bullish: Close above 12k. Bearish: Close below 11.5k,” he said.

BTC Technical Formations Strengthen

One factor that could help BTC climb higher in the near-future is technical formations that have been bolstered by the recent uptrend.

Johnny Utah, another crypto analyst on Twitter, pointed out that BTC’s Gaussian Channel just turned green, which may signal that another long-term uptrend is inbound.

“The weekly Gaussian Channel just turned green. Here we go again,” he said while pointing to the below chart.

https://twitter.com/johnnyutahbtc/status/1158667040686825473

Although in the near-term it is likely that Bitcoin will face further choppiness and could drop even further, long-term it does appear that the crypto has reversed its recent downtrend and may begin climbing back up towards its previously established all-time-highs.

Featured image from Shutterstock.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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