Bitcoin (BTC) the world’s largest cryptocurrency is up more than 11.50% this week alone. The upside move has positioned Bitcoin for the probability of a bullish wave and now seriously increasing. The Wednesday rally marks Bitcoin’s highest level since July 2019. After its recent upswing, BTC broke the 12k barrier on Tuesday without a retreat. The move saw yearly highs breached as BTC/USD sets fresh highs close to $13k marks. BTC has gone ahead to register an intraday high at $12,928 yet with increasing momentum. The Bitcoin (BTC) market cap is currently $236.47 billion, with $38.35 billion traded in the past 24 hours. The current spot price is up 7.5% in 24hrs while trading at $12,841. Paypal announces to offer Cryptocurrency and allow its users to buy, hold, and sell from their accounts starting in a few weeks. The move adds more fuel to BTC’s recent upswing. PayPal is one of the most popular global payment providers with more than 340 million active accounts.
*After its recent upswing BTC broke the 12k barrier on Tuesday without a retreat
*The move saw yearly highs breached as BTC/USD sets fresh highs close to $13k marks
*Paypal announces to offer Cryptocurrency and allow its users to buy, hold, and sell from their accounts starting in a few weeks
Resistance Levels: $15,000, $14,000, $13,000
Support Levels: $12,000, $11,500, $11,000
BTC/USD Daily Chart: Bullish
BTC/USD Daily Chart
The BTC/USD is on a path to test the $13,000 resistance fractal. This is the critical and key level for the bulls. A bullish breakout above the resistance fractal should spark a strong bullish rally that may spur a further wave to a journey back to $20,000 all-time high. As seen on the daily chart above, price action respected the support zone at $11,500 to charge beyond the $12,000 zone. Price has also broken above the resistance at $12,500.
On the support side, we have formidable support on approach to $11,700. This barrier is reinforced by a confluence of former highs on the daily chart, which means the bears will have a hard time pushing through. Once it is out of the way, the selling momentum may start snowballing with the next focus on $11,200. However, the pullback scenario may give the opportunity as the best course of action for buyers.
BTC/USD 4-Hour Chart: Bullish
BTC/USD 4-Hour Chart
Bitcoin has rallied to trade at a fresh yearly high, with the pioneer cryptocurrency testing towards the $13,000 resistance level. BTC/USD bulls could now attempt to move the cryptocurrency above the $13,000 resistance level and set a new 2020 trading high. Traders should note that the short to medium-term goal for BTC/USD bulls could be the 2019 trading high, around the $13,900 resistance level.
However, If the bulls fail to keep up the pace and let BTC return below $11,700, new highs will have to wait at least until the price retests $10,500. The BTC/USD pair is only bullish while trading above the $12,000 level, key resistance is found at the $13,000 and the $14,000 levels. If the BTC/USD pair trades below the $12,000 level, sellers may test the $11,700 and $11,200 levels.
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