Bitcoin Pullback - Support Will Keep It Above $11K For Now!
Today we got a slight pullback on Bitcoin's price just as we predicted would come yesterday. The good news is that we still see a number of support levels all the way down to $11K. After that we'd be moving down closer to our $10K mark (probably around $10,8000), but we've got a long way to go to get to that level and a lot of support before it!
Looking at the charts, things look pretty similar to yesterday. Not a lot of has changed despite the slight pullback which was expected. There is definitely some sell pressure at $12,000 and above.
There have been a few profitability studies floating around suggesting that the vast majority of purchased Bitcoin is in profit above $12,000 USD. Which means there will be continued sell pressure at that level and will be a big ceiling to break through and beyond for BTC.
That's it for now!
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.