Currently, Bitcoin is trading within a massive bullish rally after briefly rising above $ 12,000 for the first time since August 2019. Unfortunately, buyers were significantly rejected from $ 12,123 on Binance and Bitcoin's current price is $ 11,400, which remains bullish overall.
The massive BTC rejection of $ 12,123 to $ 10,518 in just minutes was definitely an alert, but it doesn't necessarily mean that the bullish momentum has ended – in fact, such a move was expected basically considering the magnitude of the rally.
On the daily chart, Bitcoin was able to defend the 12-EMA at $ 10,691 and rebound above $ 11,000.
The bulls faced a crucial resistance level at $ 12,330, set in August 2019 before $ 13,970 and, of course, $ 14,000. Basically these are the only two main resistance levels up to $ 20,000 as the bears didn't set many levels on the way down after the accident from December 2017 to January 2018.
Bitcoin will only face resistance at $ 28,000 according to Max Keizer
Bitcoin pioneer Max Keizer says Bitcoin is barely facing resistance and that $ 20,000 will not be difficult to decipher. In his recent tweet, Keizer states that Bitcoin is only facing resistance at $ 28,000, but did not explain why exactly at that level.
The $ 20,000 level for #Bitcoin Won’t pose any resistance. We won’t see any resistance till $ 28,000. A brief pullback then the assault on $ 100,000 begins with renewed vigor. pic.twitter.com/8Fu3CzdFJa
– Max Keizer (@maxkeiser) August 1, 2020
Of course, not everyone agreed, but it's definitely true that Bitcoin isn't facing much opposition right now. The last time BTC jumped to $ 20,000 was primarily due to FOMO (Fear of missing something). Right now, Bitcoin has stronger fundamentals like Grayscale, a major trust fund, which buys massive amounts of Bitcoin.
No one really knows if Bitcoin is going to get $ 20,000 back again, however by most long-term metrics it appears that the digital asset has a bright future.