BTC Price Analysis: Bitcoin Keeps $12,000 In View

The past two weeks have been phenomenal for Bitcoin. Soon after the break of the long-lasting $9,200 resistance on the 21st of July, Bitcoin picked up impressive steam and—just two days ago—recorded a fresh 2020 high above the $12,100 line. A whopping 31% rise.

However, it was immediately met with a strong correction to previous support levels.

A Retest of the $10,500 Previous Strong Resistance

The sharp decline to the previous resistance (now support) was triggered after billions of dollars worth of long positions got liquidated in celebrating the new high. This, consequently, marred the appeal for Bitcoin, causing it to drop rapidly.

However, the bounce from the $10,500 support shows that Bitcoin will retain its bullish momentum in the near-term, considering that that level was a significant resistance to break most of the year.

Nonetheless, Bitcoin recovered its footing almost immediately as dip-buyers swung into action, which has given the price a stable standing around the $11,200-300 region.

Worth mentioning is the failure of Bitcoin to hold above the prevailing ascending channel, which has been in play for about a year now as can be seen in our daily chart. That said, we are likely to challenge that level ($11,650) again in the near-term.

Key Levels To Watch: Support and Resistance

Immediate resistance can be seen at the $11,400 level (last Monday high). A break above this line will bring the aforementioned $11,650 resistance into play again. This will then be followed by the $11,800 line and subsequently, the $12,000-100 psychological hurdle (2020 record high).

On the flip side, immediate support can be found at the $11,000 psychological line, followed by the $10,800 level, and once again, the $10,500 support.

Total Market Cap: $344.3 billion

Bitcoin Market Cap: $207.8 billion

BTC Dominance Index: 60.3 %

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