Bitcoin (BTC) managed to climb through the USD 12,000 resistance level on the first weekend of August. This Bitcoin price increase was unfortunately short lived, as BTC made a strong correction within the same hour and fell more than $ 1,500 in a matter of minutes .
Weekly close above USD 11,500 necessary for Bitcoin
After the price crash, Bitcoin was able to quickly rally above USD 11,000. This is also the level that BTC has been above for more than a week now. At the time of writing, Bitcoin is trading above $ 11,500 and a weekly close above $ 11,500 will be bullish for the Bitcoin price, as explained by Arcane Crypto CEO Torbjørn Bull Jenssen.
Bitcoin recently broke technical resistance around USD 10,500 and has been in the process of trading its first weekly close above USD 11,500 since January 2018. This is very optimistic! Looking at the underlying market development, it is not unlikely that BTC can reach a new ATH of more than USD 20,000 by the end of this year. ”
Bitcoin price consolidating against resistance level
We also spoke to the guys from CryptoCoinTalk ( Click here for their Telegram channel ) . They noted that the Bitcoin price has recently had a small decline due to the rejection of the 1H supply zone which is at $ 11,868- $ 11,998.
“From here we have seen a move back towards the range high of $ 11,397. As long as we stay above that range high, chances are that we will see further upside. If we lose the LTF range high, I expect it will take a while before we see a strong move up again. ”
They added the following:
HTF support is around $ 10,674. In our view, this is also a very important level to maintain. Bitcoin now forms a resistance trend line that it must break in order to test the 1H supply again and possibly break it. If we break that zone, it is important that we see a weekly close above the 12k area. ”
$ 13,000 is attainable, according to analyst
Recently, Cryptocurrency trader Teddy Cleps indicated that a weekly close of over $ 11,800 and $ 12,000 may be all it takes for Bitcoin to reach $ 13,000 .
