After being defiant beneath the $12k price range for the fourth straight week, Bitcoin is on its way to posting strong gains in a frenzy mode. Bitcoin is continuing to challenge its prior levels of resistance as it looks to trigger a full-blown cryptocurrency bull market targeting the asset’s all-time high from 2017, close to the $20,000 mark. Building on the price action over the weekend BTC/USD topples $12k and confronts initial huddle to fresh highs at $12,500. BTC is trading at $12,335 although it had traded a high around $12,486.61 on the day. However, after surging by 8%, 11%, and 5.5% in the prior three weeks, BTC/USD is up only 3.75% this week as investors look to add to long positions. Bitcoin hash rate has hit a new all-time high as the price hovers beyond $12,000. According to data by Blockchain.com, BTC seven-day average hash rate hit a fresh peak clocking 129.075 EH/s. A high average indicates that miners are confident in mining profitability.
*Building on the price action over the weekend BTC/USD topples $12k and confronts initial huddle to fresh highs at $12,500
*BTC is trading at $12,335 although it had traded a high around $12,486.61 on the day
*Bitcoin hash rate has hit a new all-time high as the price hovers beyond $12,000
Resistance Levels: $14,500, $13,500, $12,500
Support Levels: $11,500, $10,500, $9,500
BTC/USD Daily Chart: Bullish
BTC/USD Daily Chart
Bitcoin lived through a wild roller-coaster move during the past 48 hrs. The coin hit the new 2020 high at $12,486.61 and registered an intraday low of $11,775 in a matter of hours. However, the first digital asset managed to stay within the dominant bullish trend and resume the upside move after a short-period of range-bound trading at the beginning of the week. BTC/USD is changing hands at $12,335 with $13,000 looming large. If the current momentum is sustained, the coin may post a fresh high during the week.
This latest crack of $12,000 has a lot of trading volume but investors are not confident just yet. We would need to see Bitcoin trading above $12,340 for a few hours and then see a continuation to confirm the breakout. The next level of importance is $13,500, followed by the $14,500. Buying could speed up should prices move above the nearby swing high at $13,000 where further buy stops might get activated. As long as $12,000 resistance level turned support holds, this may stay as the supported scenario.
BTC/USD 4-Hour Chart: Bullish
BTC/USD 4-Hour Chart
Bitcoin is propelled by moderate upside pressure on Monday after bulls successfully breached the $12,000 resistance level. Short-term technical analysis shows that Bitcoin is set for an explosive trend, due to the presence of an ascending MA 50 support pattern as a lift. Bitcoin could stage a $1,000 move once we see price break the next level of resistance at $13,500, which is located between the $12,500 and $14,500 levels.
Since this formation is usually considered as a continuation pattern, a decisive break beyond that resistance could help Bitcoin push higher toward $14,500. On the downside, initial support aligns at $12,000. The BTC/USD pair is only bullish while trading above the $11,000 level, key resistance is found at the $13,500 and the $14,500 levels. If the BTC/USD pair trades below the $11,500 level, sellers may test the $11,000 and $10,500 levels.
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