Bitcoin Stalls Ahead of $12,000

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Based on today’s performance, it appears as though that Bitcoin (BTC/USD) bulls are starting to lose traction. For the first time since the 21st of July, BTC has recorded a lower high as it struggles to break the $11,860 resistance.

Also, it has been observed that more than $4 billion have exited the market in the past 24 hours, which is a sign of heavy ‘profit-taking’ by traders.

Many have even gone as far as suggesting that the Bitcoin bull run is coming to an end.

Bitcoin Price Levels to Watch

On the 4-hour BTC/USD chart, it can be observed that the “whale pattern” talked about in a previous analysis, has now played out completely. As explained previously, a sideways movement is always expected to be seen whenever this pattern emerges.

That said, BTC could experience a modest retrace to the $11,370 region in the short-term where a bounce to the $12,000 target is expected to take place.

However, failure to bounce off that level could precipitate further declines and could send BTC to the $11,170 and subsequently the $11,070 levels. The furthest BTC is expected to reach in this retrace is the $10,800 region, a sustained drop below that level could overhaul the current favorable sentiment.

At press time, BTC is currently faced with the top of our ascending channel around $11,800. A clean break from that level could usher-in $12,000 immediately.

Total Market Capital: $359.2 billion

Bitcoin Market Capital: $219 billion

Bitcoin Dominance: 60.1%

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