Bitcoin price (BTC) faces the last resistance zone until the bull market starts. However, will he be able to break through this resistance zone with one try? The charts show that the $ 11,600-12,000 range is a critical breakout level if the BTC price continues to rise.
As the price of Bitcoin failed to break through this resistance zone, it fell slightly on Friday from $ 11,900 to $ 11,350, after which BTC has managed to make up for most losses since then.
Bitcoin is facing resistance to 11,800-12,000 dollars
BTC / USD is still in the resistance zone of 11,800-12,000 dollars. Unfortunately, there is no breakout yet, and silver and gold have shown great strength recently.
The chart shows that there is an obvious resistance zone of $ 11,800-12,000. This is an important level because it is the last level that was not tested before bitcoin went public.
If there is an outbreak in this resistance area, Bitcoin could easily hit $ 15,000-16,000. Such a race will only increase FOMO or the fear of missing out on an opportunity in the markets.
However, such gains are unlikely at this time, especially given the recent outbreak of $ 10,000.
In other words, since the Bitcoin price has been vertical from $ 9,500 to $ 12,000, a breach of this resistance becomes less likely as there is no rally. If an asset wants to break such an important resistance, it will usually test the level several times before breaking.
For example, a consolidation period (equivalent to the months after Bitcoin cut Bitcoin in two) resulted in strength and momentum that finally pushed BTC / USD to over $ 10,000. However, a break over the resistance zone of 11800-12000 dollars is not excluded.
Smaller time frames keep the $ 11,400 level and face resistance.
As the bitcoin price fell from $ 11,900 to $ 11,400 last Friday, the previous $ 11,400 resistance area was confirmed as support. This test is called a support / resistance reversal and is very common in all markets.
The diagram above shows clear levels of support and resistance. The resistance range is between $ 11,775-11,850 and $ 11,925-12,100. The latter is the last hurdle on the road to $ 15,000.
The green zone is the critical support range between $ 11,300 – $ 11,400, which, as we mentioned, was tested just before the weekend.
In any case, volatility will start when the price of Bitcoin breaks through one of the two regions. If the Bitcoin price breaks out of resistance areas, it is likely that the price will continue to $ 15,000. However, if the opposite happens and Bitcoin loses $ 11,300, the fall to $ 10,700 would be the next level to test.
The total market value of cryptocurrency faces significant resistance combined with resistance from Bitcoin, with $ 350 billion as the last major obstacle before 30% went up to $ 500 billion.
The chart also shows that the total market capital is still above the 100- and 200-day moving average (MA), which is an important signal for the beef markets. If the market value moves above the moving averages, the market is in bullish territory and downturns should be seen as buying opportunities.
In fact, the former $ 290 billion resistance area is a critical level that must be maintained. As long as the total market price of cryptocurrency remains above $ 290 billion, there is likely to be a further increase.
The $ 12,000 split supports the bullish scenario. If the resistance zone is finally broken as resistance, $ 15,000 will be a potential target for buyers.
However, a clear breakout of the $ 12,000 range can only be confirmed by a support / resistance reversal. This may indicate that buyers are intervening as previous opposition becomes new support.