Bitcoin’s Volume Profile: Move Past $12,000 Will Ignite Bull Run to $16,500

Bitcoin’s Volume Profile: Move Past $12,000 Will Ignite Bull Run to $16,500
фото показано с : newsbtc.com

2020-10-14 00:00

Bitcoin’s price action has grown stagnant over the past few days and weeks, with the cryptocurrency struggling to gain momentum as bulls and bears battle for control of its near-term trend.

Last week, the benchmark digital asset incurred some serious momentum after news broke regarding Square’s acquisition of $50 million worth of BTC.

This news seemed to confirm that the trend of companies holding Bitcoin as a reserve asset is gaining steam, which could provide the asset with further buy-side pressure in the near-term.

Despite the overt strength this event created for the cryptocurrency, it has not been enough to propel it past the key resistance it faces at $11,600 and $12,000. Until these levels are surmounted, its near-term outlook remains unclear.

One trader is now pointing to Bitcoin’s volume profile for insight into where it may trend next.

This metric suggests that $12,000 is a pivotal level that will hold serious influence over BTC, with a break above this level opening up the gates for a move up to highs of $16,500.

Bitcoin Struggles to Build Momentum as It Nears Key Resistance

At the time of writing, Bitcoin is trading down just over 1% at its current price of $11,400. This is around the price at which it has been trading over the past few days, marking a slight decline from recent highs of $11,700 that were briefly tapped a few days ago.

This momentum is quite strong but has been stalling due to the selling pressure at $11,600.

Each time this level is approached, bears move to regain control and push the crypto’s price lower.

Until it is firmly broken above, the crypto may continue extending its ongoing consolidation phase.

BTC Volume Profile Shows Just How Critical $12,000 Is

One analyst recently put forth an analysis of Bitcoin’s volume profile, noting that a break above $12,000 could be all that is needed for the cryptocurrency to rally towards $16,500 – a level that he describes as being a “minor speedbump.”

“Volume profile based on on-chain analysis. 12k is such an important level. It’s pretty much the only resistance left. After that it’s clear skies with only a minor speed bump at 16.5k.”

Image Courtesy of Byzantine General. Source: BTCUSD on TradingView.

This analysis bodes well for Bitcoin’s near-term outlook and seems to indicate that a strong upside move could be imminent.

Featured image from Unsplash. Charts from TradingView.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 96867.83 (-0.80%)
Объем 24H $96.972b
Изменеия 24h: 2.75 %, 7d: 6.95 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1916.574b Rank 1
Цена в час новости $ 11479.79 (743.81%)

bitcoin momentum past benchmark digital asset week

Источник: newsbtc.com

bitcoin momentum → Результатов: 126


Фото:

Bitcoin Bullish Momentum Reignites: RSI Signals Potential Surge To $65,000

After experiencing a brief correction from its new yearly high of $35,300, Bitcoin (BTC), the leading cryptocurrency in the market, is showing signs of renewed bullish momentum.   As the digital asset approaches the $35,000 mark again, a key indicator is following patterns observed in 2020, suggesting a potential surge that could propel Bitcoin to reclaim its previous peak of $65,000.

2023-10-26 05:00


Bitcoin Momentum Likely to Continue as Bulls Shatter Critical Resistance

Bitcoin has seen some massive momentum throughout the past few days, with the cryptocurrency’s price rallying to new highs over $30,000 as its uptrend turns parabolic Where the cryptocurrency trends in the mid-term will undoubtedly depend on whether or not bulls can maintain full control of the crypto’s upswing or if it will post a […]

2021-1-3 00:00


Фото:

Here’s Why This Break Above $12,000 is Different from Past Bitcoin Rallies

Bitcoin’s price has seen some significant momentum throughout the past few days The cryptocurrency is currently trading at the highest price it has been at since before the summer rally came to an end This momentum appears to be the result of a confluence of different factors, including growing BTC adoption amongst corporations Just today, PayPal announced that they are planning to rollout cryptocurrency buying, selling, and storage features to all of their users Bitcoin, […]

2020-10-22 02:00


These 4 Factors Signal Bitcoin is Gearing Up for a Breakout Rally

The crypto market is heading into the weekend without any clear momentum, as the past week has been relatively quiet for Bitcoin Many altcoins are still maintaining their firm upwards momentum, although this appears to be slowing down as investors grow more concerned about where Bitcoin may trend next There are four factors that one analyst is closely observing that could provide BTC with better guidance in the near-term This comes as the cryptocurrency continues […]

2020-7-19 19:00


Фото:

60% of Bitcoin Options Open Interest Expires in 6 Days; Will Fireworks Ensue?

The crypto market has continued extending its long-held consolidation phase, with this sideways trading largely coming about as a result of Bitcoin’s lack of momentum Analysts are now noting that it may persist further in the near-term, as there are no immediate catalysts for momentum One factor that could lend itself towards shifting this trend is the expiry of 60% of all Bitcoin options next week Close to $1 billion in contracts are expiring on […]

2020-6-20 19:00


Фото:

Bitcoin Price Analysis: Is this a Relief Rally or a Bullish Reversal?

Bitcoin has recovered nearly 13% after scraping its knees on a new 2018 low, but is the current uptick in momentum just a relief rally or the makings of a bullish reversal? Market Overview After scraping the bottom of the barrel last week, Bitcoin appears to have mustered enough short-term momentum to attempt a bull reversal but, at the time of this writing, this is yet to be determined.

2018-7-4 10:00


Фото:

Bitcoin Price Analysis: New Low on Low Volume Breeds Potential Bullish Set-up

Bitcoin sits precariously perched at the bottom of the annual market low and many bitcoin investors aren’t sure what to make of it. Although the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering while the market continues to consolidate: Figure 1: BTC-USD, Daily Candles, New Market LowOn Friday, June 29, 2018, for the first time this year, the daily candles closed below the annual low of $6,000s.

2018-7-1 19:35


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru