Bitcoin (BTC) has been facing a significant amount of buying pressure as of late that has allowed it to surge from lows of $9,100 to highs of $12,300. This upwards momentum marks a reversal of the downtrend that the crypto has been facing over the past month.
Now, analysts are noting that $12,000 is a “line in the sand” that may prove to be a significant level of resistance that holds strong in the near-future, despite bolstered technical strength.
Bitcoin Faces Strong Resistance at $12,000
Late last night, BTC rapidly surged to highs of $12,300 before facing a significant increase in selling pressure that sent the cryptocurrency’s price reeling to lows of roughly $11,600, where it found some support before climbing slightly today.