After the crash last weekend, when the price of BTC fell by more than 1,4 thousand dollars. In a few minutes, the asset is trying to return the maximum of 2020 above $ 12 thousand.
Despite the pullback, BTC managed to recover.
One of the main reasons for the rapid recovery of the bit was the growing demand caused by the COVID-19 pandemic and increased tensions between the US and China.
Demand for Bitcoin among institutional players is also growing, as open interest in bitcoin futures at CME Group, headquartered in Chicago, has soared to new highs. This was another factor that allowed a rapid recovery.
On the other hand, the last time the amount of $ 1 billion was liquidated as a result of the BTC crash in may, most indicators moved to a bearish level, and the recovery took 22 days.
Overall, bullish sentiment towards Bitcoin showed a bullish reversal pattern forming around $ 11,200-11,300 after it had been trading in a sideways trend for almost three days.
Since then, BTC has been trying to overcome resistance at $ 11,800, which, according to a number of analysts, is the key to accelerating large-scale growth to new highs in 2020.
The number one cryptocurrency rose to $ 11,784 and then recovered to $ 11,650 after the $ 11,800 resistance proved too much for the bulls at the time.
But they managed to fill the gap of $ 150 in the visible range of the volume profile, and continue to complete the reversal pattern of the W-bottom, and break through the resistance.
After breaking the resistance at $ 11,800, Bitcoin is moving to the next level – $ 12,350, as most technical indicators hint at strong buyer pressure.
In addition, if BTC manages to close above 11,800 – 11,900, this will further strengthen strong bullish sentiment.
BTC goes up.
At the moment, BTC is trading at the level of 11,860 dollars and is ready to break through the resistance at 11,900 . If the asset manages to break through this level to 14,000 us dollars, there will inevitably be a significant increase.
In the event of a pullback, the nearest support is $ 10,900, followed by 10,600 and 10,400.
Well-known crypto trader Cheds believes that the digital currency has just broken the main bullish pennant, and is approaching the $ 27,000 level. A similar goal was previously noted by max Keyser, who also believes that Bitcoin is making a step towards $30,000.
Another analyst, known by the name of Benjamin Blantz, expressed similar opinions about bullish sentiment around BTC, as he believes that the asset has broken through several key levels and reached new record highs, adding that the bears were wrong about the cue ball.
We previously reported that whales have been accumulating a huge amount of bitcoin over the past weeks, and crypto commentator Cole garner stressed that BTC is leaving the exchanges, adding that whales bought the recent sell-off, which is extremely optimistic.