Bitcoin price hits $12K again — 3 reasons traders are mid-term bullish
Bitcoin price hit $12,000 again, leading traders to turn bullish as BTC attempts to turn the critical level to support. The price of Bitcoin (BTC) has hit $12,000 again. Many traders are becoming more optimistic that the digital asset will hold the critical level this time. In 2020, BTC has topped the $12,000 level four times (all since Aug. 2). But flipping the crucial resistance level to support has been a considerable challenge. There are three factors leading traders to become more bullish on Bitcoin in the short to medium term. These are the potential catalysts that are declining the U.S. dollar, the strength of the $10,000 support, and Ethereum’s (ETH) strong upsurge.
An alternative scenario
An encouraging outcome would involve BTC flipping the $12,000–$12,400 range to support then consolidating above $12,000. This would prepare the digital asset for a strong move to $13,000 to $14,000.
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