• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
No Result
View All Result
  • Home
  • 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
  • Trade
  • Play Games
  • Mining
  • Home
  • 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
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
bitcoin price
Nexo

Here’s Why Analysts Remain Bullish on Bitcoin Despite Failure at $12k

Nick Chong by Nick Chong
8 months ago
in Bitcoin Price
0
  • Bitcoin failed to hold above $12,000 last week after temporarily moving above $12,400.
  • The asset now trades for $11,650, having faced a rejection at the pivotal $12,000 level.
  • BTC’s rejection at that level has made some analysts fear that a strong price drop is incoming.
  • A growing number of traders remain optimistic about Bitcoin’s prospects, though.
  • Here’s more on why they think so.

Why Bitcoin Could Continue to Push Higher: Analysts Explain

Analysts remain somewhat optimistic about Bitcoin despite last week’s strong rejection after setting a new year-to-date high.

One trader shared the chart below on August 23rd. It shows that during Bitcoin’s correction last week to the low of $11,400, it actually held three pivotal technical levels in a manner suggesting the trend remains bullish.

“Opened up a completely fresh chart for $BTC and to be honest, looks kinda good on the daily. Could be worse tbh. Below 11380 it’ll look like trash though.”

Image

Chart of BTC's price action over the past year with an analysis by crypto trader Smokey (@TraderSmokey on Twitter). Chart from TradingView.com

The same commentator added in a later tweet that the way Bitcoin bounced off the aforementioned support levels is “so clean.” This may only add fuel to the belief that Bitcoin has bottomed for the time being and will soon continue moving higher.

The optimism has been echoed by another trade, who also noted that Bitcoin held pivotal support levels during last week’s move lower. He thinks that BTC’s ability to do so will allow it to soon retest $12,000. Bitcoin’s reaction at $12,000 will determine in which direction this market moves for the coming week or two.

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

“$BTC – I’m liking how things are developing. Previous swing high and key S&R held as Support. A retest of $12k doesn’t seem out of the question at all. Lots of untapped highs are there for the taking. Overall, I’m bullish. Reaction at $12k will be crucial,” the analyst wrote in reference to the chart below.

Image

Chart of BTC's price action over the past few weeks with an analysis by crypto trader UB (@CryptoUB on Twitter). Chart from TradingView.com

Somewhat Dependent on Legacy Markets

While BTC looks technically bullish in and of itself, there is a correlation between Bitcoin and legacy markets that should not be ignored.

As many analysts have commented in recent weeks, Bitcoin is being dragged around by the U.S. dollar, which in turn affects the values of equities and precious metals.

Should the dollar rally in value, BTC’s ongoing bull trend is likely to lose some of its momentum. In fact, Bitcoin to hold above $12,000 last week has been attributed to a recovery in the value of the U.S. dollar against foreign currencies.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Here's Why Analysts Remain Bullish on Bitcoin Despite Failure at $12k
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • 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
  • Trade
  • Play Games
  • Mining

© 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.