Bitcoin is currently trading inside a massive bull rally after briefly climbing above $12,000 for the first time since August 2019. Unfortunately, buyers were rejected significantly from $12,123 on Binance and the current price of Bitcoin is $11,191 which is still bullish overall.
BTC’s massive rejection from $12,123 to $10,518 in just minutes was definitely an alert but doesn’t necessarily mean the bullish momentum is over, in fact, a move like that was basically expected considering the magnitude of the rally.
On the daily chart, Bitcoin was able to defend the 12-EMA at $10,691 and bounce back up above $11,000.
Bulls were facing a crucial resistance level at $12,330, established in August 2019 before $13,970 and of course $14,000. These are basically the only two major resistance levels until $20,000 as bears did not establish many levels on the way down after the crash from December 2017 – January 2018.
Bitcoin will only face resistance at $28,000 according to Max Keiser
Bitcoin Pioneer, Max Keiser, says Bitcoin is barely facing any resistance and that $20,000 will not be hard to crack. In his recent tweet, Keiser states that Bitcoin is only facing resistance at $28,000 but didn’t explain why exactly at that level.
Of course, not everyone agreed but it’s definitely true that Bitcoin is not facing a lot of opposition right now. The last time BTC jumped to $20,000 it was mostly due to FOMO (Fear of Missing Out). Right now, Bitcoin has stronger fundamentals like Grayscale, a major trust fund, buying massive quantities of Bitcoin.
No one truly knows if Bitcoin is going to crack $20,000 again, however, according to most long-term metrics, it looks like the digital asset has a bright future.