The situation is far from obvious for Bitcoin (BTC) which still manages to defend its major supports for the moment. Dark clouds hang over the BTC markets complicating any climbs aimed at reaching new highs this year. Tic-Tac says the MtGox clock could blow the markets up but, not in the way we hope.
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Bulls exhausted, $ 12,000 for another time?
Bitcoin approached $ 11,300 today, bulls arrive for the moment to defend the major support zone at the level of $ 11,100 – $ 11,300.
Bitcoin then started to rise again and broke through USD 11,400 again; the BTC is trading at $ 11,478 as of this writing. It is currently recording a daily gain of over 1.20%.
The bullish momentum of these last days who had driven Bitcoin above $ 11,700, is weakening.
Michael van de Poppe believes that the bulls must defend the 11,000 USD to be able to restart this dynamic.
The greenback is the key to 12,000 USD
The failures of Bitcoin to consolidate above $ 11,500, settling for strong but brief forays to peak, cast doubt on the true strength of Bitcoin to cross the last resistance lines before the 12 000 USD.
The investors currently fear another market crash, with partial but gradual reconfinement at the level of many countries.
Bitcoiners get a breather for now with 150,000 release postponed BTC of MtGox for December 15, 2020, but the end of the year could therefore be complicated for the BTC.
Only a devaluation of the dollar could certainly give the bulls a boost. Bitcoin could not only return to 12,000 USD but also reach new ATH over 1 year.
It’s complicated for Bitcoin, but BTC has seen worse. Can we have a good end of 2020, can we just have a good 2020 with the bor * el caused by the Covid-19 pandemic? Investors still live under the fear of reliving another Black Thursday. Difficult to maintain long positions in these circumstances. Perhaps one last baroude of honor above $ 11,500 before an inevitable drop to $ 11,000? We failed in the attacks, we must prepare to defend.
Litecoin, welcome in the Silver Age