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.