The cryptocurrency market surged on August 20, before the Bitcoin (BTC) price line closed, it crossed $ 11,880. The BTC price is then expected to rise to the level of $ 12,400.
Cryptocurrency has recently declined to $ 11,680. Yesterday evening, the price of the cryptocurrency king rose to a one-day high of $ 11,894. At the time of writing, the price of Bitcoin was trading at $ 11,764.
What is BTC’s Next Step?
Trading View analyst Atlas Trades believes the BTC price will rise to the level of $ 12,100. The cryptocurrency has maintained a significant support level near the $ 11,600 level and is expected to rise to the next $ 12,100 level where the closest resistance is located.
Romeo Deris, analyst at Trading View, highlighted the BTC / USD trading pair in the ascending parallel channel. The analyst expects the cryptocurrency to rise to the level of $ 12,400, with a significant resistance at $ 11,635, lying in the middle of the rising parallel channel. The cryptocurrency climbed above resistance, which is currently a support level, on August 13th. The BTC price tested the $ 12,400 level on August 17th and then returned towards the $ 11,635 support. BTC price remained the support level and is now expected to retest resistance near the $ 12,400 level.
As it is known, Bitcoin has gained a strong momentum by exceeding 12 thousand dollars this week. But the leading cryptocurrency then declined. BTC has been going between $ 11,100 and $ 12,000 for a very long time. BTC has surged this high for the first time in a long time, clearing support levels. If the cryptocurrency exceeds $ 13K, it could see even higher, according to analysts.