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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Why Bitcoin May See an Explosive Rally Despite Recent $12k Rejection

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Bitcoin and the entire cryptocurrency market have been seeing some rather mixed price action in recent weeks.

Although the benchmark digital asset currently remains caught within a prolonged consolidation phase within the upper-$11,000 region, it has been facing multiple rejections at $12,000 that have hampered its near-term outlook.

The latest rejection at this level took place overnight, with its price subsequently reeling as low as $11,700.

The buying pressure here was enough to stop it from seeing any further downside.

Although it has yet to post any clear trend, analysts are noting that a large movement is likely looming on the horizon.

One trader is specifically pointing to a few factors that suggest Bitcoin may still be well-positioned to see an explosive surge up towards $13,000 or higher in the coming days and weeks.

It may first have to decline slightly, however, as a massive liquidity region currently sits around $11,500.

Bitcoin Shows Signs of Strength as Bulls Guard Against a $12,000 Rejection 

At the time of writing, Bitcoin is trading up just under 1% at its current price of $11,900. This marks a notable upswing from its daily lows of $11,700 that were set overnight.

The crypto attempted to breach $12,000 yesterday evening, although the selling pressure here once again proved to be insurmountable. This subsequently led it to slide down towards its overnight lows.

Bulls’ ardent defense of $11,700 has allowed it to erase virtually all of the losses that came about as a result of its recent downswing.

This is a sign of intense technical strength, as it signals that the cryptocurrency still has significant buying pressure backing it.

One reason why $11,700 proved to be such a strong level of support is due to this being the crypto’s weekly open.

While speaking about the importance of this level, one analyst explained:

“This range is a beautiful example of how important the weekly open & monthly open levels are.”

Bitcoin

Image Courtesy of Byzantine General. Chart via TradingView.

Here’s the Key Liquidity Region BTC May Tap Before Breaking $12,000

While speaking about the crypto’s near-term outlook, the same analyst also noted that he believes Bitcoin may first decline to $11,500 before it can push higher.

“11900 –> 11500 –> then we leave bears behind for good. Good riddance.”

Image Courtesy of Byzantine General.

Because $11,500 is below the cryptocurrency’s weekly open, the dip to this level must be fleeting, as any high time frame close beneath $11,700 could spell trouble for BTC’s outlook.

Featured image from Unsplash.
Charts and pricing data via TradingView.
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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.

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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