In the past few hours, however, a sharp boost in buying pressure surfaced, which took Bitcoin to the long-awaited $12k since August 11. This was a level that subdued BTC buyers twice in the last 48hours. Bulls were able to drive the price as high as $12,465, a new 2020 high.
Key Levels To Watch
As projected in yesterday’s analysis, Bitcoin has resurfaced strongly above the $12k level. The next targets to the upside are the $12,500, $12,700, and subsequently, the $13k psychological line.
At press time, BTC is trading at $12,380 and a fall from this level will be immediately supported by the strong resistance-turned-support level at $12k. This fall could come as a result of the overbought conditions the benchmark cryptocurrency is venturing into on our hourly chart.
That said, Bitcoin bulls might try to close above $12,500 to cement the bullish rally above $12k.
Also, Bitcoin’s price action today coincided again with a similar surge from gold. The yellow metal has been showing a strong correlation with BTC for a while now, as it gained about $50 in its surge today.
Total market capital: $386.8 billion
Bitcoin market capital: $227.7 billion
Bitcoin market dominance: 58.8%
Note: Learn2.Trade 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
[xyz-ihs snippet="Markets"]Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
