The price of Bitcoin is facing its final resistance zone until the bull market is on fire.
Will it break through this resistance zone in one attempt? The charts suggest that the $11,600-12,000 area is a crucial level to break if the price of BTC is to continue moving higher.
As the price of Bitcoin couldn't break through that resistance zone, a slight drop occurred on Friday from $11,900 to $11,350, after which BTC has managed to pare most of the losses since.
The chart shows that there's a clear resistance zone at $11,800-12,000.
A breakout above the resistance zone at $11,800-12,000 is not entirely out of the question.
As Bitcoin's price dropped from $11,900 to $11,400 last Friday, the previous resistance zone at $11,400 was confirmed as a support level.
The resistance zone can be found between $11,775-$11,850 and between $11,925-$12,100.
If Bitcoin's price breaks through the resistance zones, continuation is likely toward $15,000.
The total market capitalization of crypto is facing significant resistance, confluent with the resistance of Bitcoin with $350 billion being the final major hurdle before a move of 30% to $500 billion can occur.
Essentially, the previous resistance zone at $290 billion is the crucial level to hold.
The Price of Bitcoin Is Facing Its Final Resistance Zone Before $15K
Published on Aug 8, 2020
by Cointele | Published on Coinage
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