Bitcoin Must Defeat $12,100 Mark to Avoid Sharp Drop


Bitcoin continues to maintain its position just below the $12K mark, following a recent consolidation around the $11,600-800 level.

However, we saw BTC attempt to break the $12,100 (2020 high) again yesterday. Despite the bull-run, Bitcoin couldn’t hold this level for more than a few hours before dipping sharply to the $11,500 level. At press time, Bitcoin is trading around the $11,800 level.

The positive side is Bitcoin has now formed a steady rising wedge, compared to yesterday’s consolidation wedge. On the negative side, however, another failed attempt to break the $12,100 level would create a ‘double top’ which could precipitate a sharp drop.

Also, the benchmark cryptocurrency has had no luck in defeating the top of our ascending channel since it touched that line at the start of this month.

BTCUSD – 4-Hour Chart

Key Levels to Watch

Immediate resistance can be found at the $12K level (top of our ascending channel and psychological resistance), followed by the $12,100 (2020 high).

Subsequently, resistance can be spotted around $12,300 (August 2019 high), $12,500, and $12,900.

On the flip side, our immediate support can now be seen at the $11,500 mark, followed by the 11,200, and $11,000 psychological line. Another powerful support can be seen below at the strong resistance-turned-support $10,500 mark.

Total Market Cap: $361.6 billion

Bitcoin Market Cap: $218 billion

BTC Dominance Index: 60.3%

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results


  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.