NewsPrice Analysis

Way to $12000 is Clear or Bitcoin Still Needs to Sustain ‘Drain’?

The Bitcoin price in the past couple of months has maintained a trend by swinging in a very narrow range for some days and suddenly get pumped to the next level. The same is anticipated to have occurred in the last 24 hours when the Bitcoin price jumped close to $12000 levels.

BTC chart today

Currently, Bitcoin price is trending at $11,743.17 with a gain of 2.63 percent in the last 24 hours. The digital asset is also anticipated to touch $12000 any time now in the coming hours. But will the asset reach $12000 is the biggest question of the hour?

Bitcoin Faces a Probable Pull-Back

It is a human psychology that after such a long wait, if bitcoin tends to cross $12000, then the patient traders tend to sell-off their holdings. As mentioned earlier, bitcoin currently possesses itself as a less volatile asset by discarding immense jump and a drastic dump.

Therefore, the traders who might have entered bitcoin space when the price was lower than the present levels, are more likely to sell bitcoin. Currently, if we consider the hourly chart of Bitcoin, the technical indicators suggest a selling pressure may build in the market which might hinder bitcoin bull rally. 

The mounting selling pressure however eases with the dump in the price to some extent and later asset tends to wait for another push to cross $12000 levels.

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Hence, currently it is very important for the traders to enhance the buying pressure rather than creating a selling pull back so that the bitcoin price gets a booster pack to rally above the levels.

Also the FED chairman, Jerome Powell also in his speech at the IMF said that the US Central bank would collaborate with the private sector to develop CBDC’s. Moreover, the US stimulus package is also expected very soon, with the US elections on the toes. These factors may play a vital role in pumping Bitcoin price.

Additionally, Bitcoin is gaining back its lost dominance again which might be a good sign. The bitcoin currently enjoys 59.7 percent dominance among all other altcoins in the crypto market. In a nutshell, the immense buying which indicates the reliantness and the credibility might end up a bitcoin bull rally with record high bitcoin price.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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