Bitcoin Price Prediction: BTC/USD Retraces After Facing Rejection at $12,400

Bitcoin (BTC) Price Prediction – August 18, 2020
Yesterday, August 17, becomes the third time, BTC will be retesting and breaking the $12,000 overhead resistance. The rally took BTC/USD  to the high of $12,490. The uptrend was resisted after reaching the peak price of $12,490.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Today, BTC is still retracing. Bitcoin breaking the $12,000 overhead resistance is comparable to last year’s price action. Yesterday, after breaking the $12,000 resistance, BTC price closed at $12,490. Similarly, on August 5, 2019, Bitcoin traded at a peak closing price of $11,565.40. The king coin has broken the previous year’s historical price level. This year, it is anticipated that Bitcoin will have more upside range momentum. Analysts believe that once BTC breaks the $12,000 overhead resistance, the price will rally above $15,000. After the rally, price retraced to $12,186 but it has corrected above $12,200. Today, price is fluctuating above $12,200 at the time of writing. The king coin is at level 68 of the daily Relative Strength Index period 14. BTC is in the uptrend zone above the centerline 50.

Bitcoin (BTC) Is Now Larger Than Bank of America by Market Cap
Following the recent rally above the $12,000 resistance, BTC reached a yearly high of $12,490. As BTC gets first-time investors, the market capitalization has risen to $226 billion. According to AssetDash data, the BTC figure has risen by 3.2% in the last 24 hours. Similarly, Bank of America’s market capitalization has fallen by 2% which resulted in $224.4 billion at the time of the report. BTC is the 25th most valuable asset by market capitalization, behind PayPal at $230 billion.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is retracing as it approaches the low of $12,207 at the time of writing. The crypto price has fallen and it is finding support above the 12-day EMA. The king coin will resume a fresh uptrend if the current support holds. Perhaps a retest of $12,400 is likely.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.