How will Bitcoin develop now?
Last week, Bitcoin did what many thought was extremely difficult: BTC was able to close its weekly candle above $ 11,500. $ 11,500 was a key value for the asset over the past two years. Bitcoin failed to break this value on a weekly basis in early 2018 and at the highs of 2019.Despite moving above $ 11,500, trader Josh Rager believes Bitcoin is targeting another major level up. Referring to the chart below, Rager writes: “$ BTC. Weekly Close Tonight – with a price above the weekly open and close above $ 11,685 will be key. A daily close above $ 11,895 would also be a higher-high and bullish. Watch these levels as the day closes tonight. “
Where is BTC going now?
If Bitcoin closes above the levels identified by the aforementioned analysts, where can one expect BTC to move? According to commentators, a move towards $ 13,000 is entirely possible.One trader believes that $ 13,000 is quite possible since that level is an “annual pivot point”:
“I think BTC will go for the $ 13K area, which is annual pivot resistance. There I will try to completely secure my remaining stack and wait to see whether it holds or continues. “