Bitcoin is currently consolidating within the lower-$13,000 region as bulls move to control its near-term price action.
It has been struggling to break above $13,200 ever since it was rejected at this price level a few days ago. This currently marks the crypto’s 2020 high, and the selling pressure here is quite significant.
If broken above, this level could spark a serious uptrend that sends it flying higher, with it potentially reaching up towards $14,000 before it faces any further selling pressure.
It did face a slight rejection at these highs earlier today, and they may continue stopping it from seeing any intense upwards momentum in the short-term.
One analyst is noting that Bitcoin’s monthly candle – which will close in exactly one week – is currently incredibly strong.
He believes that a close above $12,500 could create serious momentum that allows BTC to fly past the $13,000 region’s resistance. A break above this resistance zone would put a move to its all-time highs on the table.
Bitcoin Shows Signs of Strength as Bulls Target 2020 Highs
At the time of writing, Bitcoin is trading up just under 2% at its current price of $13,150. This is just a hair below its 2020 highs of $13,200 set a handful of days ago.
The selling pressure in this region is quite intense and may continue to stop it from seeing any further upside in the near-term.
That being said,