Bitcoin’s price is in a slight consolidation phase and is being traded around $ 13,000.
While the pressure to sell around $ 13,200 has been significant, it does not indicate any significant weakness among sellers.
If the BTC bulls can provide a strong foothold in this price region, there is a good chance that serious upside is imminent
However, an analyst explains in a recent tweet that a technical indicator suggests that the cryptocurrency has made a local high.
This could mean that further consolidation or a slight regression is imminent.
Bitcoin and the rest of the crypto market have struggled to extend the momentum recently created by BTC resistance in the $ 13,000 region.
While this is only a micro-level consolidation, it should be noted that continued trading below this level could mean a blow to current buyer strength.
Where the entire crypto market goes next depends entirely on Bitcoin
This could mean that some downtrend is imminent. An analyst said in a tweet that a historically accurate indicator now suggests a backtrack is imminent before BTC can make any further gains.
Bitcoin is consolidating at $ 13,000 – where are further price gains waiting?
At the time of writing, Bitcoin is trading at $ 12,990. This roughly corresponds to the price at which it was traded in the last 24 hours.
The bears have been eager to prevent BTC from gaining a firm foothold in the under $ 12,000 region. It is still unclear whether the selling pressure will stop its momentum here.
This indicator suggests that BTC has formed a local spike
Importantly, there is an indicator that suggests that Bitcoin has spiked locally – which suggests that a downward move into the lower $ 12,000 region is imminent.
An analyst wrote about this in a recent tweet, referring to BTC’s Emasar indicator with a downside target of around $ 12,200. The analyst:
“Emasar signals a local spike in BTC. Above $ 12,700 seems like a good place to take a profit. I have orders to buy back $ 11,777 – $ 12,226 „