Bitcoin (BTC) rate rises above $ 13,000; technical indicator signals possible pullback

Bitcoin (BTC) rate rises above $ 13,000; technical indicator signals possible pullback

Use of Bitcoin (BTC) network is approaching all-time high

After the pullback yesterday, bitcoin (BTC) managed to find strong support. From that point on, BTC again rose sharply, with a peak above $ 13,000. However, a technical indicator again signals a possible pullback.

At the time of writing, the value of bitcoin (BTC) is $ 12,880 according to CoinMarketCap. While the rest of the top 10 cryptocurrencies show red numbers, bitcoin shows a 2% increase in the last 24 hours.

Due to the falling altcoins but rising bitcoin, bitcoin dominance has risen again. The market capitalization of bitcoin currently stands at $ 230.5 billion and the total market capitalization at $ 354.5 billion. This puts the bitcoin dominance at 65%.

Bitcoin managed yesterday to reach a peak of $ 12,829, but could not hold this momentum. A pullback followed, after which the price found support at $ 12,100.

After trading sideways for a few hours, bitcoin started a new rise. The bulls pushed the price through the $ 12,500 and even the $ 13,000. A new high point for this week was formed at $ 13,161 on the cryptocurrency exchange Coinbase.

The $ 13,100 turned out to be too strong a resistance for now. Moreover, a divergence can be seen on the Relative Strength Index (RSI) . The peak of yesterday on the RSI is higher than the peak of today, while the peak in today’s price is higher. A possible new pullback is certainly possible as the momentum seems to be less strong.

For now, the next resistance levels are at $ 13,100, $ 13,200 and $ 13,500. Should a pullback indeed take place, traders should monitor support levels at $ 12,800 and $ 12,600.

About Shawn Morrison 255 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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