- Bitcoin has witnessed some immense turbulence throughout the past few weeks, but has mostly been seeing a consolidation phase throughout the past several days
- The cryptocurrency is now battling to surmount $12,000 – a resistance level formed just over one week ago
- This level has been briefly surmounted on multiple occasions, but each time has been followed by an influx of selling pressure that sends it lower
- The cryptocurrency is now at a pivotal point, as analysts are noting that a break above this level could be all that is needed to send BTC’s price rocketing to fresh highs of between $13,000 and $14,000
Bitcoin and the aggregated cryptocurrency market has been struggling to start a fresh leg higher, with the resistance established last Saturday holding strong for over a week now.
It is a strong possibility that BTC will continue struggling to surmount $12,000 so long as investors’ attention remains fixated on altcoins.
The rallies seen by many small and mid-cap alts have siphoned trading volume and attention away from BTC.
Until these alts start retracing their parabolic gains, investors may continue focusing on trading them over BTC.
Analysts are still noting, however, that the cryptocurrency is well-positioned to see upside, and could soon surge towards $14,000.
Bitcoin Remains Above Crucial Technical Level as Analysts Eye Upside
At the time of writing, Bitcoin is trading up just under 2% at its current price of $11,890. This is around the price at which it has been trading throughout the past week.
Yesterday, BTC bulls stepped up and propelled the crypto past $12,000, but the selling pressure here proved to be too significant for buyers.
Despite the weakness stemming from the rejection at this price level, one analyst is noting that the benchmark cryptocurrency remains firmly bullish as long as it remains above the upper boundary of its cloud formation at roughly $11,000.
“How to swing trade cheat code: Bullish bias as long as long as the cloud is [below bitcoin].”
Image Courtesy of Teddy. Chart via TradingView.
Analyst: BTC Remains Positioned to See Move to $14,000
It now appears that $12,000 has become much more than a simple resistance level.
Another analyst explained that he believes a close above this level is all that is needed for BTC to start a new leg higher.
He even notes that this next leg up could lead the benchmark cryptocurrency up towards $14,000 in the coming days and weeks.
“When BTC holds 12k it’s going to teleport to 13-14k region easily imo. Dips are for buying,” he explained.
How Bitcoin trends in the coming hours may reveal whether or not this level will be surmounted anytime soon.
Featured image from Unsplash. Charts and pricing data via TradingView.
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