As of now, the trading price of Bitcoin is hovering within a tight range. The data shows that Bitcoin’s price is hovering between $16,229 and $17,190.
With Bitcoin hovering in a particular range, there are chances that the asset may experience high volatility. According to analysts, a tight-range movement mostly ends up with high volatility.
If that is the case, then the trading price of BTC may experience high volatility and it may start getting pushed higher in the upcoming days.
Moving Averages and RSI Continue to Decline
Due to the recent happenings, the trading price of BTC has not experienced any significant jumps. This is the reason why the moving averages and the RSI for Bitcoin have continued moving in the negative zone.
With these factors moving and residing within the negative territory, even the resistance levels are moving to the lower side.
This trend will eventually work out in favor of the bulls as it is making things much easier for them in the long run.
At the same time, things are becoming difficult for the bulls because with the resistance marks moving lower, the tension would rise.
The bulls will be required to increase their buying power to break through even the lowest of the resistance levels. On the other hand, the bears will have the opportunity to increase their pressure.
BTC Price May Dip to $12,200
As the BTC price is now hovering at a lower level, there is a high chance that the bears may increase their selling power to pull it below $16,229.
The bears would attempt to bring BTC down to the November 9 intraday low, which is going to be at $15,588.
If the market sentiments keep growing more bearish, then more investors would either leave the market or side with the bears. In such a scenario, the trading price of BTC would plunge to $12,200.
The $12.2k mark would prove to be an extremely strong support for BTC and the bulls may try their best to save the level.
Bitcoin has a Chance of Hitting $20k
If the bulls are able to drive away the selling pressure and manage to build a strong rally against it, then the BTC price would rise over the $17,622 level.
If a rally does manage to push BTC over the particular mark, then they would need to sustain the pressure coming from the bears.
As the bulls continue taking the pressure from the bears head-on, then the trading price of Bitcoin may surge to a high of $18,730.
As the momentum keeps building in favor of Bitcoin, the price of the digital asset may surge to a high of $20,000.
