• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Here’s How High One Trader Expects Bitcoin to Climb Before Forming a Top

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
0
Advertisement
  • Bitcoin faced yet another $12,000 rejection yesterday that caused the cryptocurrency’s price to reel down towards $11,700
  • This level appears to have been established as support, as buyers ardently defended against any break below it
  • It now appears that the crypto’s short-term technical outlook remains unchanged, as BTC is still consolidating within the upper-$11,000 region
  • As for where it may go next, one analyst explained that he is looking towards $13,000 as a near-term target
  • He does note that the visit to this level may mark a mid-term top for the cryptocurrency that is directly followed by significant downside

Bitcoin is still caught within its prolonged consolidation phase in the upper-$11,000 region despite it recently facing some intense selling pressure at $12,000.

The rejection here sent BTC plunging to lows of $11,700, with bulls carefully defending against a dip below this apparent support level.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

As for where the cryptocurrency may trend next, analysts are noting that it remains poised for upside.

Because each of the rejections it has faced at $12,000 in recent weeks have been growing gradually weaker, it may be only a matter of time before this level is shattered.

One analyst is watching for a rally towards $13,000 in the near-term, which is where he expects it to form a mid-term top.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin Rejected at $12,000 Once Again, But Bulls Remain Strong 

At the time of writing, Bitcoin is trading down just under 1% at its current price of $11,800. This is around the level at which the cryptocurrency has been trading for the past several days and weeks.

Overnight, the benchmark cryptocurrency made another bid at breaking $12,000, which resulted in a firm rejection.

This isn’t the first rejection that has been faced at this level in recent weeks, as bears have been ardently defending against any sustained move above here.

That being said, each rejection at this level is growing increasingly weak, which may be a sign that bulls are slowly gaining the upper hand over bears.

Trader: BTC to Rally Towards $13,000 Before Forming Mid-Term Top 

While speaking about the benchmark crypto’s near-term outlook, one trader explained that he expects Bitcoin to see a move towards $13,000 before it starts topping out.

“I think BTC will go for the 13K$ area, which is yearly pivot resistance. That’s where I’ll look to hedge my remaining stack fully and wait to see if it holds or keeps going. IMO we’re close to topping, not here yet. Too much pressure at rally’s high not to give another push.”

Bitcoin

Image Courtesy of SalsaTekila. Chart via TradingView.

For $13,000 to be in the cards, it is imperative that Bitcoin posts a strong weekly close later today.

Featured image from Unsplash.
Charts and pricing data via TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

bitcoin miners

Head To Head: Bitcoin Miner Revenues Surpass Ethereum But There’s More

8 hours ago
Sango, President Faustin-Archange Touadéra

The Central African Republic Unveils Sango Project, Disappoints The World

23 hours ago
Bitcoin

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

2 days ago
Oslo Freedom Forum, Lyn Alden screenshot

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

2 days ago
Bitcoin

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

2 days ago
El Salvador

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

4 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.