- Bitcoin shows signs of slowing down after being rejected at $12k and other levels
- Bitcoin forms a “head and shoulders” pattern
- One analyst believes Bitcoin would hit $13k next, but it would correct to $10,500 first
Bitcoin News Today – The price of Bitcoin has experienced some vicissitudes over the past few days. Since Bitcoin was rejected around the $12k range, it has been consolidating within the lower $11k region. Nevertheless, a few hours ago, the bulls tried to push prices higher.
Bitcoin Forms “Head and Shoulders” Pattern as Momentum Slows
They pushed the price of the digital currency to a high of $11,500 before losing traction. From that level, Bitcoin returned to the $11k support zone. The recent price action of the digital currency has resulted in the formation of a bearish “head and shoulders” pattern. Historically, this technical pattern is bearish and it needs an enormous inflow of fresh buying pressure for it to be invalidated.
Looking at the Fibonacci retracement levels of Bitcoin, there is a huge chance that Bitcoin could surge to the $13k level next. However, one analyst said that the digital currency might first need to hit the $10,500 support before it would make a move towards the $13k zone.
Bitcoin (BTC) Price Today – BTC / USD
At press time, Bitcoin is changing hands at $11,310 after an increase of less than one percent over the past day. The digital currency has been trading around that level over the past couple of hours, after the rejection at $11,500, and this has thrown the digital currency into another consolidation phase right over its major short-term support mark.
Bitcoin Shows Signs of Slowing Down after Several Rejections
The strength of Bitcoin has been reducing gradually because of the series of rejection it has posted. The first major rejection was at $12k, and it came this past weekend. All the recent attempt to surge towards that level have been met with heavy selling pressure. This has resulted in the formation of a bearish “head and shoulders” pattern.
In a recent tweet, one digital currency analyst said that a “4h Bitcoin H&S developing” while providing a chart showing the technical formation. If the digital currency plunges below the neckline of this pattern, which is around the $11k mark, the digital currency could start reversing its recent gains.
Bitcoin Could Surge to $13k Soon, Says Crypto Analyst
Regardless of the recent price action of the digital currency, in a recent tweet, one digital currency analyst said that he believes Bitcoin could still be well-positioned for surge higher. The analyst pointed towards the Fibonacci levels of Bitcoin, saying that a plunge to its 0.786 mark, at $10,500, could ignite a rage of buying pressure that could push the price of the digital currency to $13k.