Black_background_logo_BitcoinWorld-removebg-preview
Bitcoin News

Bitcoin Volatility Increases As It Fails To Break $12,000 Break

bitcoin price
Photo by Austin Distel on Unsplash

The retention rate for Bitcoin between $11,600 ti $11,900 is too high as it has seen a certain up and down before reaching the $12,000 mark. On Tuesday, the price of Bitcoin fell to $11,476, denoting a stronger resistance while all the talks continue to surround breaching the $12,000 mark.

Price volatility has always been a big aspect for Bitcoin. It is as uncertain as it gets, but in the current scenario, it has increased way more after a significant stagnant period.

The current surge for Bitcoin also gives a bullish indication. Its relative strength has gone above 70. Assets will considered overbought if RSI exceeds that level.

“It looks like it wants to test its 2019 highs of $13,800 before it sees a meaningful correction to work off this overbought condition,” said Matt Maley, chief market strategist at Miller Tabak + Co.

“The level of $10,000 has represented a strong psychological barrier for Bitcoin for the last few years. Now that barrier is broken and there are no major levels of resistance on the graph until the all- time high at $20,000,” said Mati Greenspan, founder of Quantum Economics.

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.