Bitcoin Surges to Key Resistance as Analysts Eye a Move to $16,200
Bitcoin’s price has been consolidating below its crucial $13,800 resistance over the past week, but bulls are once again in the process of testing this level
The upcoming election results are widely thought to be a force that could contribute to some BTC volatility
This possibility is vindicated by the massive inflows of high-leverage orders from traders on margin trading platforms
These positions being stopped out or liquidated could help fuel a large move in the near-term
One analyst is noting that a firm break and hold above $13,769 would be incredibly bullish and help lead it to see further upside
Bitcoin is in the process of retesting its key resistance at $13,800, with this level holding strong as a continued resistance level that has been slowing the cryptocurrency’s ascent and catalyzing multiple rejections.
The fact that bears have been unable to spark any sustainable downtrends despite the multiple rejections at this level is a bullish sign.
One trader is now noting that BTC could be on the cusp of closing above a crucial level that could catapult it towards $16,000.
That said, the same trader is also noting that another rejection here could spark a sharp selloff that sends the cryptocurrency reeling lower in the days and weeks ahead. He even notes that a move to $11,900 could be in the cards.