Bitcoin and the aggregated crypto market have pushed slightly higher today, with most digital assets still trading mostly flat as BTC approaches its key near-term resistance at $12,000.
How it reacts to this resistance should offer significant insights into its near-term trend, as a rejection here would be a significant sign of weakness.
Analysts are noting that there are multiple factors currently counting in the benchmark cryptocurrency’s favor.
Some of these factors include a strong weekly close, strength in the stock market and gold, as well as weakness in the US Dollar.
The confluence of these factors may help lead Bitcoin higher in the days and weeks ahead.
Bitcoin Posts Strong Weekly Close as Technical Outlook Grows Strong
At the time of writing, Bitcoin is trading up just over 1% at its current price of $11,785. This is around where it has been trading throughout the past few weeks.
It does, however, mark an upswing from its recent lows of $11,400 that were set just a couple of days ago.
Analysts believe that the crypto may soon be guided higher by technical strength resulting from a strong weekly close that it was able to post. As one analyst noted:
Image Courtesy of Josh Rager. Chart via TradingView.
These Fundamental Factors Could Boost BTC as Well
Whether these fundamental factors will be enough to send Bitcoin flying past $12,000 remains to be seen.
Featured image from Unsplash. Charts and pricing data from TradingView.
Originally from Bitcoinist.com https://ift.tt/31qEgEl
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