- The pioneering digital currency broke through the pivotal resistance zone of $ 12,000 for the first time in over a month.
- If the move continues, the market may develop a major bull run with the initial focus on $ 12,500 (2020 high level) and $ 12,927 (2019 high level).
- The $ 12,000 level was a strong psychological level and the last real resistance point before $ 13,000.
Bitcoin is currently trading at $ 12,020 after breaking above the critical psychological level of $ 12,000 for the first time since September 1. multi-billion dollar companies like Stone Ridge.
Bitcoin bulls hope for $ 13,000
The flagship cryptocurrency must close above $ 12,000 in the next few hours to fully confirm the breakout. Several indicators and chain measures show that there is almost no resistance to the upside, well up to $ 13,500.
1 hour BTC / USD chart
Bitcoin is well above the 50-SMA, 100-SMA, and 200-SMA on the 1 hour chart. The RSI is overexploited but is unlikely to pose a threat to the bulls given the massive buying pressure. The MACD turned bullish again about six hours ago and is gaining strength.
BTC IOMAP chart
The In / Out of the Money Around Price chart shows virtually no upside resistance against the massive amount of support. It looks like even at $ 13,807 bulls won’t have any real hurdles. The support area between $ 11,277 and $ 11,644 is a robust support area with a volume of 1.36 million BTC.