The buying force is weak, there is a high chance that bitcoin will move down to 11k5 again
After hitting a high of $ 12,425, bitcoin bulls are attempting to sustain above $ 12,000. Will the next target be the zone above $ 13,000 or a pullback to $ 11,500?
After multiple failures and consolidations, the bitcoin bulls finally break through the psychological resistance of $ 12,000.
However, this rally in bitcoin has been identified by some analysts as "uncertain".
As Cointelegraph analyst Michaël van de Poppe says, "it is clear that this is a virtual breakout price (also known as a fake-out) for liquidity".
See more information: bitcoin to paypal
Not enough to break the next targets
Although bitcoin has a positive correction above the $ 12,000 threshold, the current buying force is quite weak and not enough to trigger a strong volatility in price.
Frankly, the recent breakout of $ 12,000 by bitcoin is not convincing enough, bulls need a proper breakout to confirm the reversal.
With the current low trading volume, the above targets are still a big hurdle for the bulls.
However, with it still above the two moving averages, MA (100) and MA (200), there is still hope for a move to higher levels.
Maybe below 11,500 USD
Currently, a bearish scenario to the $ 11,500 zone is being agreed by many analysts.
Because if fake-out happens, the ability to test up to the above resistances is very difficult and almost impossible.
If this time bitcoin falls to $ 12,000 again there is a high chance it will crash to the $ 11,500 zone or below.
Since $ 11,500 is the closest support for bitcoin for a long time, if a pullback occurs, this will be where the digital currency comes back.
Some analysts have an optimistic view of the upcoming trend that the next target will be 13,000 USD, but most of them think this is not possible given the current situation and volume.
Currently at the time of writing bitcoin is trading at $ 11,964, down 1.61% from the past 24 hours. Trading volume of the day did not have any significant adjustment.