Bitcoin’s Volume Profile: Move Past $12,000 Will Ignite Bull Run to $16,500

Bitcoin’s Volume Profile: Move Past $12,000 Will Ignite Bull Run to $16,500


Bitcoin’s price action has grown stagnant over the past few days and weeks, with the cryptocurrency struggling to gain momentum as bulls and bears battle for control of its near-term trend.

Last week, the benchmark digital asset incurred some serious momentum after news broke regarding Square’s acquisition of $50 million worth of BTC.

This news seemed to confirm that the trend of companies holding Bitcoin as a reserve asset is gaining steam, which could provide the asset with further buy-side pressure in the near-term.

Trending: President Trump Caught on Camera Tithing As He Attends Las Vegas Church This Morning

Despite the overt strength this event created for the cryptocurrency, it has not been enough to propel it past the key resistance it faces at $11,600 and $12,000. Until these levels are surmounted, its near-term outlook remains unclear.

One trader is now pointing to Bitcoin’s volume profile for insight into where it may trend next.

This metric suggests that $12,000 is a pivotal level that will hold serious influence over BTC, with a break above

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!