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BTC Trend Targets $15K, Hovers Around $12K

Written by:
Aaron Goldstein
Published on:
Aug/10/2020

The price of Bitcoin was hovering around the $12K mark Monday evening. 

Market Outlook: BTC Trend Targets $15K, Bitcoin Bull Raoul Pal 'Irresponsibly Long' A number of digital currency enthusiasts have been focused on crypto markets, as prices started rising again during the latter half of the weekend. During the early morning trading sessions on Monday, bitcoin (BTC) had jumped a hair above the $12k zone.

Despite BTC’s rising price toward $12k, the crypto asset’s dominance ratio is still only 60.5% out of all the coins in existence (5,700+). At the time of publication, bitcoin (BTC) has a market cap between $218 to $221 billion. During the last seven days, BTC is up 5.9% and the asset is up 28.8% for the last 30 days

Is Bitcoin Facing Strong Resistance Near $12,000? The $12,000 level is providing “material resistance for Bitcoin,” said Jesse Proudman, CEO of crypto hedge fund Strix Leviathan.

“And as we’ve seen over the last week, breaching it will require significant sustained buying,” he added.

Kiana Danial, CEO of Invest Diva, offered a similar perspective.

“It’s safe to say that the $12,000 price point (and most round numbers above $10,000) act as a psychological barrier for the Bitcoin price action,” she said.

“The $12,000 zone in particular has acted as a resistance in the past, in September 2019, so it's creating psychological pressure for the bulls again.”

Tim Enneking, managing director of Digital Capital Management, provided a more optimistic point of view, stating that:

“BTC is certainly facing some resistance at 12k, but it totally pales in comparison to the resistance it faced and overcame at 10k – which lasted from October (or even September) of last year until last month.”

“The price has basically bounced off of 12k twice in one week and shows no real weakness,” he noted. “At worst, this is a period of consolidation.”

- Aaron Goldstein, Gambling911.com

 

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