Tuesday, March 2, 2021
Only Bitcoin Market News
Advertisement
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
Only Bitcoin Market News
No Result
View All Result

Is Bitcoin Facing Strong Resistance Near $12,000?

7 months ago
in Price
3 min read
Is Bitcoin Facing Strong Resistance Near $12,000?
Share on FacebookShare on Twitter


Bitcoin, a cryptocurrency, represented as a physical coin.

Bitcoin dropped below $12,000 this morning, and has been struggling to surpass this price level. … [+] (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)

NurPhoto via Getty Images

Bitcoin prices have experienced some modest volatility lately, breaking through $12,000 over the weekend and then declining below this key, psychological level earlier today.

After falling back toward $11,500 this morning, the world’s most prominent digital currency has been fluctuating primarily between $11,800 and $12,000, CoinDesk data shows.

Related articles

En route to $200K? Bitcoin closed February 26% above Stock-to-Flow model price

En route to $200K? Bitcoin closed February 26% above Stock-to-Flow model price

March 2, 2021
Key Bitcoin price indicators signal bulls bought the $43K retest

Key Bitcoin price indicators signal bulls bought the $43K retest

March 2, 2021

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

‘Material Resistance’

The $12,000 level is providing “material resistance for Bitcoin,” said Jesse Proudman, CEO of crypto hedge fund Strix Leviathan.

“And as we’ve seen over the last week, breaching it will require significant sustained buying,” he added.

Kiana Danial, CEO of Invest Diva, offered a similar perspective.

“It’s safe to say that the $12,000 price point (and most round numbers above $10,000) act as a psychological barrier for the Bitcoin price action,” she said.

“The $12,000 zone in particular has acted as a resistance in the past, in September 2019, so it’s creating psychological pressure for the bulls again.”

Tim Enneking, managing director of Digital Capital Management, provided a more optimistic point of view, stating that:

“BTC is certainly facing some resistance at 12k, but it totally pales in comparison to the resistance it faced and overcame at 10k – which lasted from October (or even September) of last year until last month.”

“The price has basically bounced off of 12k twice in one week and shows no real weakness,” he noted. “At worst, this is a period of consolidation.”

Bullish Momentum

While the digital currency may be struggling to break through $12,000 once again, several analysts emphasized bitcoin’s strong momentum.

“Sentiment remains in the hands of the bullish camp and another attempt to push the market higher should not come as a surprise,” said Denis Vinokourov, head of research for London-based digital asset firm Bequant.

He noted that while bitcoin fell close to $11,500 today, bulls placed upward pressure on the digital asset, driving it toward $12,000.

Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet, provided similar input, stating that “sentiment clearly believes we’re in a bull market.”

“Volume is up across the board on both centralized and decentralized platforms,” he added. “Multiple assets are up 30% just about every week.”

“As other assets continue to rise people will take profit and roll it into Bitcoin,” said Garcon.

“The name of the game is still to stack sats,” he stated.

“Bitcoin’s continuation past $12,000 wouldn’t be much of…



Read more:Is Bitcoin Facing Strong Resistance Near $12,000?

Tags: Bitcoinbitcoin news todaybitcoin pricesCryptocurrencydigital currenciesDigital CurrencyfacingResistancestrong

Related Posts

En route to $200K? Bitcoin closed February 26% above Stock-to-Flow model price

En route to $200K? Bitcoin closed February 26% above Stock-to-Flow model price

by Bitcoin Market
March 2, 2021
0

The price of Bitcoin (BTC) is outpacing the popular Stock-to-Flow (S2F) model, which predicts that the BTC price would...

Key Bitcoin price indicators signal bulls bought the $43K retest

Key Bitcoin price indicators signal bulls bought the $43K retest

by Bitcoin Market
March 2, 2021
0

Bitcoin's (BTC) severe 26% drop from its $58,300 all-time high on Feb. 20 injected a bit of bearishness into...

Bitcoin is at a tipping point and could become ‘currency of choice’ for global trade,

Bitcoin is at a tipping point and could become ‘currency of choice’ for global trade,

by Bitcoin Market
March 1, 2021
0

A customer uses a bitcoin automated teller machine (ATM) in a kiosk Barcelona, Spain, on Tuesday, Feb. 23, 2021.Angel...

As Crypto Markets Plunge $400 Billion, Coinbase Reveals Major Bitcoin And Ethereum

As Crypto Markets Plunge $400 Billion, Coinbase Reveals Major Bitcoin And Ethereum

by Bitcoin Market
March 1, 2021
0

The bitcoin and cryptocurrency market has lost around $400 billion since its peak last weekend as panic spreads among...

This bullish Bitcoin options strategy lets traders speculate on BTC price with less

This bullish Bitcoin options strategy lets traders speculate on BTC price with less

by Bitcoin Market
February 28, 2021
0

Historical data shows that it is nearly impossible to consistently predict Bitcoin’s price action and many traders that attempt...

Load More

Trend Now

  • Trending
  • Comments
  • Latest
Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

June 8, 2020
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

May 19, 2020
Argo Blockchain boosts mining margins in July

Argo Blockchain boosts mining margins in July

August 5, 2020
Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

February 18, 2021
Bitcoin boom backstopped by central banks’ easy-money policies

Bitcoin boom backstopped by central banks’ easy-money policies

February 4, 2021
5 Cryptocurrency Staking Providers – A Review | Hacker Noon

5 Cryptocurrency Staking Providers – A Review | Hacker Noon

January 30, 2021
Bitcoin’s value falls by over 10% after hitting all-time high

Bitcoin’s value falls by over 10% after hitting all-time high

0
Bitcoin daily chart alert – Bullish chart pattern develops – May 19

Bitcoin daily chart alert – Bullish chart pattern develops – May 19

0
Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

0
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

0
Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

0
Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

0
Bitcoin’s value falls by over 10% after hitting all-time high

Bitcoin’s value falls by over 10% after hitting all-time high

March 2, 2021
Legendary investor Jim Rogers warns of ‘bubble stocks,’ predicts a gold-and-silver

Legendary investor Jim Rogers warns of ‘bubble stocks,’ predicts a gold-and-silver

March 2, 2021
Bitcoin volatility rocks market for graphics cards in China

Bitcoin volatility rocks market for graphics cards in China

March 2, 2021
En route to $200K? Bitcoin closed February 26% above Stock-to-Flow model price

En route to $200K? Bitcoin closed February 26% above Stock-to-Flow model price

March 2, 2021
Cryptocurrency This Week: Weighing The Impact Of A Potential Ban, How To Tax Crypto &

Cryptocurrency This Week: Weighing The Impact Of A Potential Ban, How To Tax Crypto &

March 2, 2021
NIO, Zoom Video, Bitcoin, Target and Kohl’s – 5 Things You Must Know Tuesday

NIO, Zoom Video, Bitcoin, Target and Kohl’s – 5 Things You Must Know Tuesday

March 2, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • Privacy Policy
  • DMCA

© 2020 MarketForBitcoin.com

No Result
View All Result
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos

© 2020 MarketForBitcoin.com

  • bitcoinBitcoin(BTC)$49,042.001.48%
  • bitcoin-cashBitcoin Cash(BCH)$545.7911.55%
  • binance-coinBinance Coin(BNB)$250.88-1.52%
  • bitcoin-goldBitcoin Gold(BTG)$27.325.89%
  • bitcoin-privateBitcoin Private(BTCP)$0.371-23.98%
  • blocktixBlocktix(TIX)$0.0200.00%