Black_background_logo_BitcoinWorld-removebg-preview
Bitcoin News

Bitcoin Price Facing Resistance Before Reaching $15K

Bitcoin price
BTC (Courtesy: Forbes)

There were speculations about Bitcoin reaching the $28K mark soon after the king crypto surpassed $10K. Max Keiser had also predicted that Bitcoin will go all the way as it would not face any kind of resistance even after reaching the $20K mark. But the speculations surrounding Bitcoin seems to have been proven wrong.

With the bull market not in effect, the price of Bitcoin is facing resistance. It is analysed that the level between $11,600 and $12,000 is the toughest to break. On Friday, as Bitcoin was near to reach the $12 break it saw a substantial fall all the way from $11,900 to $11,300.

BTC/USD continues its fight between the $11,800-12,000 zone. Their has been no breakout possible as silver and gold continue to strengthen themselves.

However, if the breakout is achieved the price of the Bitcoin can easily run towards $15,000-16,000. It might not be possible though due to the recent breakout at $10,000. 

As Bitcoin’s price dropped from $11,900 to $11,400 last Friday, the previous resistance zone at $11,400 was confirmed as a support level. Such a test is called a support/resistance flip and is very common across markets.

The total market capitalization of crypto is facing significant resistance, confluent with the resistance of Bitcoin with $350 billion being the final major hurdle before a move of 30% to $500 billion can occur. 

The bearish scenario means that $12,000 was not broken. If the resistance continues to be resistance, a renewed range-bound structure will likely occur in the coming weeks. 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.