Bitcoin has increased significantly in the past few days. After hitting a low of $ 10,400 about seven days ago, the coin is now trading for $ 11,350.
The coin has hit a local high at $ 11,500 – about 10% higher than the above lows.
As Bitcoin pushes up, analysts are anticipating what resistance could stop another uptrend
A crypto asset analyst says $ 13,000 is the „most important“ level for Bitcoin in a macro timeframe.
Fortunately for cryptocurrency, Bitcoin’s fundamentals are better than ever. These fundamentals could be enough to allow the cryptocurrency to overcome this level of resistance.
This is why $ 13,000 is so important for Immediate Edge in the macro timeframe
Bitcoin’s recent uptrend has led some investors to look ahead and speculate on what will come next if the leading cryptocurrency manages to hit new highs since the start of the year.
One crypto asset trader believes that should BTC break its summer high of $ 12,500, $ 13,000 will be critical. The trader recently shared the chart below, which shows the price movement of BTC since the 2017 lines at $ 13,000, highlighting prices around that range.
The analyst on why $ 13,000 is so relevant:
“IMO $ 13,000 is the most important $ BTC macro level. 1) Rejected in 2018, withdrawn to 3k. 2) Declined in 2019, withdrawn to 3k before Flashcrash. 3) Tested once in 2020 since the price recovery. Pushing through and holding on for a while would make me believe in ATH. A man can dream. “
Some believe that $ 14,000 may be of more importance as it marks the exact highs of the 2019 rally. $ 14,000 also marks where the December 2017 BTC candle closed – and not $ 20,000 as some might expect.
The resistance between $ 13,000 and $ 14,000 can be said to be important.
BTC will soon move to this level
Some analysts expect Bitcoin to soon move towards $ 13,000.
One of these analysts comments that when one superimposes the last macro market cycle for BTC on top of the current price action, it is clear that there will soon be a move towards $ 13,000:
“You can’t get enough of this overlay. Each candle is adjusted to reflect the percentage decline rather than the price. And it fits like a glove. “
Chart of the price behavior of BTC in recent years with a market cycle analysis by crypto trader Polar Hunt (@Polar_hunt on Twitter). Chart from TradingView.com
Should Bitcoin rise to $ 13,000 or $ 14,000, it remains to be seen whether it will confirm that level as support.