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.