- Bitcoin price is witnessing a period of slight consolidation as it trades around $ 13,000.
- Sales pressure around $ 13,200 has proved significant but inability to spark significant return points for some weaknesses among sellers
- If bulls can provide BTC with a strong foothold within this price zone, then there is a strong possibility that severe upside is imminent
- In a recent tweet by an analyst, however, a technical indicator suggests that crypto has formed a local top
- This may indicate that further consolidation, or even a slight withdrawal, is imminent
The rest of the bitcoin and crypto markets are struggling to increase the momentum that has recently taken place due to BTC’s resistance to the $ 13,000 sector in the lower sector.
This only marks micro-scale consolidation, but it is important to note that a continued bout of trading below this level can strike a blow on the current strength of buyers.
Where the next crypto market trend depends entirely on bitcoin.
This could mean that something negative is imminent, as one analyst explained in a recent tweet that a historically accurate indicator is now suggesting that BTC is an imminent imminent before gaining further gains.
Bitcoin was consolidated for $ 13,000 and is on the front lines as a guard of bears
At the time of writing, bitcoin is trading modestly at its current value of $ 12,990. It is around the price at which it has been trading in the last 24 hours.
Beers has tried to prevent BTC from gaining a strong foothold in the $ 12,000 region at the bottom.
It is unclear whether the sales pressure here will continue as the weekend’s momentum approaches.
The indicator shows that BTC has formed a local head
It is important to note that there is an indicator that suggests that bitcoin has formed a local top, indicating that a move to the lower-$ 12,000 area is imminent.
An analyst talked about A recent tweet, Pointing to BTC’s Emasar Indicator, keeping a negative target around $ 12,200.
“Emasar is indicating a local headline at BTC. Above $ 12,700 seems like a good place to take some profit. I have orders to rebuy from $ 11,777 – $ 12,226, ”he said.
Image Courtesy of Tyler D. Coates. Source: BTCUSD on TradingView.
Investors should provide a serious insight into bitcoin’s mid-term outlook for how the market remains in trend in the coming days.
Featured image from Unsplash. Charts from TradingView.