Bitcoin is still in an extended period of consolidation in the upper $ 11,000 range. Most recently, the asset faced selling pressure at $ 12,000. The rejection here resulted in BTC tumbling to lows at $ 11,700, with the bulls carefully defending a dip below this apparent support level. On the question of where the cryptocurrency could head next, analysts note that it is still pointing upwards. With each of the rejections she has faced at $ 12,000 over the past few weeks gradually weakening, it might only be a matter of time before that level is broken. An analyst and trader expects a recovery towards USD 13,000 in the near future – he believes that BTC will spike there in the medium term.
Trader: BTC is expected to bounce back to $ 13K before peaking in the medium term
Regarding Bitcoin’s near-term outlook, a trader believes that Bitcoin will move towards $ 13,000 before it starts to top.
“I think BTC will go for the $ 13K area which is the annual pivot resistance. There I will try to completely secure my remaining stack and wait to see whether it holds or continues. “