Bitcoin Inches Nearer To the 12k Target Resistance

Bitcoin has, once again, reached the upper-11k region. This region has been a major roadblock for the cryptocurrency for close to 3 weeks now. BTC has been in a consolidation phase between $11,200 and $12,000 for the said amount of weeks.

Analysts are trying to connect recent events like the sharp decline in exchanges’ BTC balances and Dave Portnoy’s venture into cryptocurrency, as the major factors of the recent boost in the market.

Regardless of the bolstering factors, Bitcoin still looks like it doesn’t yet have the power to snap the $12k resistance.

However, there’s no questioning the prevailing upwards trend of Bitcoin. A popular trader also resounded this bullishness alarm, citing that anyone opening shorts at this time is “purely gambling.” He explained that shorting Bitcoin now shouldn’t be on the books of any trader as it is too risky. However, he clarified that traders could only engage in Bitcoin shorts if they were trying to hedge other positions.

Bitcoin and other cryptocurrencies have been thrown into mixed trading of recent, with some altcoins experiencing explosive increases while others falling lower. Ethereum, for example, saw a sharp bull-run that sent it from $390 to $440, a record 2020 high.

At press time, BTC is trading at $11,800, a level where the price has been consolidating around for a while now.

Although it hasn’t mirrored Ethereum’s recent price action, it appears that we could see this correlation soon.

Key Levels To Watch

Our key resistance levels are at $11,900 (top of the prevailing ascending channel), $12,100, and $13k. Meanwhile, immediate support can be sighted at $11,650, 11,350 (base of our rising wedge), and the $11k psychological level.

Total Market Capital: $369.7 billion

Bitcoin Market Capital: $217 billion

Bitcoin Market Dominance: 58.8%

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