Bitcoin price (BTCUSD) upward momentum has faced significant resistance today. The world’s biggest cryptocurrency, which has a market cap of more than $218 billion, is trading at $11,815. It is down by 0.82%, ending a four-day gaining streak.
Bitcoin has been in an upward momentum since March, when it dropped to a low of $3842. Since then, a series of activities, including a weaker dollar, quantitative easing, halving, and extremely low interest rates have pushed its price to the highest point since last year.
In addition, the recent decision by the US comptroller of currency to allow banks to hold cryptocurrencies has led to increased demand for the currency. Just last week, we reported that MicroStrategy, a technology company valued at more than $1.2 billion had decided to store more than $250 million of its funds in Bitcoin.
Other assets, too, have been in an upward trend since March. For example, gold and silver prices reached their multiyear highs a few weeks ago. Similarly, assets like stocks and other currencies, except the dollar have been in an upward trend.
Meanwhile, according to CoinTelegraph, Bitcoin’s hash rate has continued to increase as the price finds strong resistance below $12,000. The hash rate, which is an important metric in the mining community, increased to 129.075 EH/s as shown below.
Bitcoin price forecast
The weekly chart below shows that Bitcoin price has been in a strong upward trend in recent weeks. It also shows that the price has found strong resistance below the $12,000 resistance level. The price remains above the 50-day and 100-day exponential moving averages.
Therefore, I expect that the price will ultimately break out above $12,000 as bulls attempt to move above the next resistance level at $13,917. On the flip side, a move below the psychological level of $12,000 will invalidate this trend.
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Bitcoin price forecast
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