Bitcoin's (BTC) is at the key level! Will it rise?
Bitcoin's (BTC) is at the key level! Will it rise?
25/08/2020
Although the leading cryptocurrency Bitcoin (BTC) broke the $ 11,750 range last day, it fell to the 11,600 level due to another correction. At the time of writing, BTC was trading at $ 11,625.
Analyst Bob Mason made a statement about Bitcoin price movements. Bitcoin fell 2.19% over the weekend. Thanks to this move, BTC is up 2.14% from the previous week and closed this week at $ 11,666. Although the leading cryptocurrency started to rise this week, it is back in the $ 11,600 range. Bitcoin recovered from its first major support level of $ 11,328, which fell last week, and briefly reviewed the $ 11,700 level on Sunday before easing. Although BTC made the same price change yesterday, it has dropped 1.30% in the past 24 hours.
11,850 USD level is very important for Bitcoin...
According to Bob Mason, Bitcoin will need to cross the 11,848 USD resistance level to test the first major resistance level of 12.305 USD. For Bitcoin to return to the $ 12,000 level, it needs to be supported by the wider market. If there is a breakout, Bitcoin could test the second major resistance levels at $ 12,948 and $ 13,000.
According to analyst Nathan Batchelor, once the leading cryptocurrency rises above $ 12,400, Bitcoin may need to fall first and then rise as traders drop their profits. As we all know, the latest breakthrough over August 2019 has increased by about $ 12,300. This highlights the strong buy demand for Bitcoin, and the bulls are planning to test the 2019 high of $ 13,800.
As we reported a day ago, analyst Aayush Jindal emphasized the importance of the USD 11,600 level. If Bitcoin remains above the USD 11,650 support level, it could recover and climb higher. The initial resistance is $ 11,800, according to Aayush Jindal. If BTC can exceed $ 11,850, the bulls could start testing the $ 12,000 level.
Altcoins can also climb...
According to popular analyst Josh Rager, Bitcoin has a long way to go. The analyst also stated that he expects Altcoins to continue moving. Rager said:
"Expect some bearish correction even though the close above $ 10,500 daily is still bullish."
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