Bitcoin price is currently holding above important weekly support. With just three days left for the weekly close, the next few days are critical. If the cryptocurrency can break through, $12,000, which one analyst claims won’t hold much longer, the next leg up could “overshoot” most targets and touch $15,000.
But although that outcome is positive for crypto investors, the overextended move would result in a pullback followed by weeks of consolidation around $14,000 before moving up again.
Holding Weekly Support Is Bullish For Bitcoin, “Sub-$12K” Won’t Hold Much Longer
Bitcoin is currently trading at potentially its most critical level yet. While $10,000 prevented the cryptocurrency from reaching former highs and acts as a trigger for crypto FOMO, $11,500 may have even more significance.
The number dates all the way back to December 2017 just after Bitcoin topped. Five days after the peak, the cryptocurrency touched down on the support level for the first time.
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The first-ever cryptocurrency spent all of January 2018 struggling to stay above the support, but it eventually gave out. Losing $11,500 took Bitcoin down by nearly 50% ten days later to $5,800 for the V-shaped February low.
Bitcoin bounced hard, back up to $11,500 where the former support was confirmed as resistance. Bitcoin never again closed a weekly candle above the key level, until the start