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.
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