Bitcoin has seen an absurd bout of price action over the past few days. The leading cryptocurrency, after falling to $11,200 last week, surged as high as $13,250 on leading exchanges on Wednesday. The <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin has since whipsawed since hitting those highs, dropping and rallying by hundreds of dollars below that high as investors gauge the direction of BTC.
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Bitcoin Faces Down a Pivotal Resistance Level
Bitcoin is facing down a pivotal resistance level after the aforementioned price surge.
One crypto-asset analyst, the head of technical analysis at crypto research firm Blockfyre, shared the chart seen below amid the move higher. It notes that while Bitcoin is passing the crucial resistance at $12,000, it remains to be seen if it can pass and hold above the resistance in the $13,000 region, marked as “SUPPLY” on the chart:
“Leaving 1000 day range. Now you want to see support built on top of it, and continue to trend up after and thus hopefully we shall never see it again there after (maybe a wick or something but that’s it)”
Chart of BTC's price action since