The leading cryptocurrency Bitcoin (BTC) hit fresh yearly highs on Tuesday, reinforcing the projection of a rally to $14,000. The surge tagged along with key cryptocurrencies higher, including Ethereum and Ripple. Albeit the price got rejected around $13,863 as Bitcoin bulls take a breather from the impressive rally to new yearly highs. After a $14k attempt, BTC/USD price clusters support around $13k as buyers rush to hold the ground above low levels. The Bitcoin (BTC) market cap is currently $244.21 billion, with $37.44 billion traded in the past 24 hours. The current spot price is down 3.04% from the all-time high established on the 26th of October 2020. The price registered a low at $12,891 and has retraced higher to trade at $13,228 as of when composing. On-chain analysis firm, Glassnode in a recent update indicated that there are presently 20k Bitcoin addresses holding more than $1million worth of BTC. It noted that this is the highest number seen since January 2018.
*Albeit the price got rejected around $13,863 as Bitcoin bulls take a breather from the impressive rally to new yearly highs
*After a $14k attempt, BTC/USD price clusters support around $13k as buyers rush to hold the ground above low levels
*On-chain analysis firm, Glassnode in a recent update indicated that there are presently 20k Bitcoin addresses holding more than $1million worth of BTC
Key Levels
Resistance Levels: $14,500, $14,000, $13,500
Support Levels: $13,000, $12,500, $12,000
BTC/USD Daily Chart: Bullish
BTC/USD Daily Chart
BTC/USD is consolidating beyond $13,000 after trading down from today’s high of $13,863. However, BTC may resume the recovery after a short-lived correction as the selling pressure will contend with a cluster of support around the $13,000 and buyers confluence zone. This area serves as a demand zone before the lift-off to $13,863.
A daily close over $13,250 may signify the end of the Bitcoin consolidation phase and the start of a new bullish cycle, from a technical perspective. If this prior resistance is validated as support, on the path to $14,000, there may be nothing to deter BTC. A price correction back beneath the $13,000 support area may present such an opportunity for short term sellers in the coming days.
BTC/USD 4-Hour Chart: Bullish
BTC/USD 4-Hour Chart
Bitcoin rallied to a new 2020 high in the shorter time frame, breaching past the $13,500 resistance mark. Technical analysis suggests that, as the ongoing breakout advance reveals few signs of halting, the bulls may target the $14,000 area. Traders who are bullish towards the pair of BTC/USD may look to buy any technical pullbacks towards the level of $13,000.
The 4-hour BTC/USD chart shows the MA 50 as a selling pressure backstop that may trigger a strong rebound. The BTC/USD pair is only bullish while exchanging beyond the level of $12,700, with main resistance at the highs of $13,500 and $14,000. If the BTC/USD pair exchanges underneath the $12,700 mark, the $12,500 and $12,000 levels may be tested by sellers.
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