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Bitcoin price will rise to $ 12,000 as the weekly close approaches

August 16, 2020
  • Bitcoin price is showing strong momentum towards USD 12,000 Just 24 hours after the weekly closing

  • Despite multiple rejections at the $ 12,000 mark Bitcoin price continues to make higher lows and traders buy during lows on underlying support levels

  • Chainlink hit a new all-time high of $ 19.80 and Ether is struggling to break above $ 430

According to Coinmarketcap, Bitcoin’s market cap is currently $ 218,989,713,050.

Snapshot of Cryptocurrency's Daily Market Performance

Recording the daily performance of the cryptocurrency market. Source: Coin360

Bitcoin price will rise to $ 12,000 as the weekly close approachesBitcoin price will rise to $ 12,000 as the weekly close approaches

Usually The price of Bitcoin (BTC) on the weekends is characterized by a low operating volumeGiven that traders are taking a break that day and CME bitcoin markets are closed.

Experienced dealers know that too Trade order books shrink over the weekendand offers favorable moments for Bitcoin’s clever whales are taking advantage of these loopholes and rocking the price through volatility.

This Saturday is different The above scenarios don’t stop traders from giving the $ 12,000 mark a fresh boost.

If the current move towards the key plane fails, it will be the second time in a week And for some analysts, multiple rejections at a major resistance level can be a bearish sign.

On the other hand, there are an equal number of traders who will argue this too Rejecting an important level of resistance multiple times increases the likelihood that it will be broken in future attempts.

BTC / USDT daily chart

Daily chart of the BTC / USDT pair. Source: TradingView

Some positive aspects for the price of Bitcoin are: The daily chart continues to show a pattern of higher lows, the RSI is up at 66, and traders show keen interest in buying every downturnThis is reflected in the increase in the volume of purchases in the daily time frame.

In the event that dealers can To hit a 4 hour close above $ 12,000, Bitcoin needs to hit daily highs above $ 12,068 and $ 12,123then it gets really interesting.

Right now we can see that The Bitcoin price is simply compressed into a narrower range within the pennant and the drop from the lower trendline should be supported at the high volume VPVR node, which extends from $ 11,730 to $ 11,500.

Ordinarily, a drop in such a pennant would warrant some concern, but given the interest of buyers in acquiring Bitcoin from March 12th to July 28th It looks like the bulls will eventually get away with converting $ 12,000 into short-term support.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

As the price of Bitcoin struggled to regain the $ 12,000 level, Altcoins performance has exhibited a mix of behaviors.

Chainlink (LINK) continues to lead the market and grew by 12% hit a new all-time high of $ 19.80. Ether (ETH) it seems like lose momentum due to a decline of 2.2% and fight to regain the $ 340 level.

Meanwhile, EOS finally managed to break major resistance to a more than 18% rise and is currently trading at $ 3.75.

According to CoinMarketCap, the market cap for cryptocurrencies is now $ 373.4 billion, and Bitcoin’s dominance index is currently 58.8%.

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