The price of Bitcoin (BTC) is facing its terminal resistance zone until the bull market is on fire. However, volition it suspension through this resistance zone in 1 attempt? The charts advise that the $11,600-12,000 area is a crucial level to pause if the toll of BTC is to continue moving college.

Every bit the toll of Bitcoin couldn't intermission through that resistance zone, a slight drop occurred on Friday from $xi,900 to $xi,350, after which BTC has managed to pare most of the losses since.

Crypto market daily performance

Crypto marketplace daily performance. Source: Coin360

Bitcoin faces resistance at $11,800-12,000

BTC/USD is still fighting at the resistance zone at $eleven,800-12,000. Unfortunately, no breakout just even so, while silvery and gold have been showing more than strength recently.

BTC/USD 1-day chart

BTC/USD i-mean solar day chart. Source: TradingView

The chart shows that at that place'due south a articulate resistance zone at $11,800-12,000. This is a pregnant level as it is the final untested level until Bitcoin enters open air.

If at that place'southward a breakthrough in this resistance zone, Bitcoin'due south price can easily run toward $15,000-16,000. Such a run would simply increase the FOMO, or fear of missing out, in the markets.

However, such a run is currently unlikely, especially given the recent breakout at $ten,000.

In other words, as Bitcoin'southward price went vertical since $9,500 toward $12,000, a breakout above this resistance becomes less likely as there's no buildup. If an asset wants to pause through such a significant resistance, it usually tests the level multiple times before it breaks through.

For example, the consolidation period (like to the months after the recent Bitcoin halving) resulted in the strength and momentum that finally pushed BTC/USD above $ten,000. Nevertheless, a breakout to a higher place the resistance zone at $xi,800-12,000 is non entirely out of the question.

Smaller timeframes did hold the $11,400 level and face resistance

As Bitcoin's cost dropped from $11,900 to $11,400 concluding Friday, the previous resistance zone at $11,400 was confirmed as a support level. Such a test is called a support/resistance flip and is very common beyond markets.

BTC/USD 2-hour chart

BTC/USD two-hour chart. Source: TradingView

The chart above shows clear resistance and back up levels. The resistance zone can be institute between $eleven,775-$eleven,850 and betwixt $xi,925-$12,100. The latter is the final hurdle before continuation toward $15,000 tin occur.

The light-green zone is a crucial support zone, betwixt $xi,300-$11,400, which as mentioned was tested correct before the weekend.

Either style, the volatility will kick in in one case Bitcoin'south price breaks through either of the two zones. If Bitcoin'southward price breaks through the resistance zones, continuation is probable toward $xv,000. However, if the opposite occurs and Bitcoin's price loses $11,300, a drib toward $10,700 will be the next level to test.

Total crypto market place cap faces $350 billion resistance

Total market capitalization crypto 1-day chart

Full market place capitalization crypto i-day chart. Source: TradingView

The total market capitalization of crypto is facing significant resistance, confluent with the resistance of Bitcoin with $350 billion being the last major hurdle before a move of 30% to $500 billion can occur.

The chart also shows that the full market capitalization is nevertheless acting above the 100-day and 200-day moving averages (MAs), a crucial indicate for balderdash markets. If the market capitalization moves above these MAs, the marketplace is in bull territory, and dips should be considered every bit buying opportunities.

Essentially, the previous resistance zone at $290 billion is the crucial level to hold. Every bit long every bit the total market place capitalization of crypto stays above $290 billion, further upward momentum is likely.

The bullish scenario for Bitcoin

BTC/USD bullish scenario 1-day chart

BTC/USD bullish scenario 1-day nautical chart. Source: TradingView

Breaking $12,000 underpins the bullish scenario. If the resistance surface area finally breaks equally resistance, $15,000 and so becomes a likely target for the bulls.

However, a clear breakout through the $12,000 expanse tin can only be confirmed with a support/resistance flip. This would suggest that buyers are stepping in as the previous resistance transforms into new support.

The bearish scenario for Bitcoin

BTC/USD bearish scenario 1-day chart

BTC/USD surly scenario 1-day chart. Source: TradingView

The bearish scenario means that $12,000 was not broken. If the resistance continues to be resistance, a renewed range-jump structure volition probable occur in the coming weeks.

Some other statement can be found in the forex markets. The recent breakout of Bitcoin occurred while EUR/USD broke up from one.fourteen to 1.xix. This breakout led to a drop of the USD confronting other currencies, which essentially triggered the massive breakouts in Bitcoin, gold, and argent prices.

If EUR/USD starts to right from i.xix to lower numbers, the USD is getting stronger. Such a relief bounciness will most likely trigger a further corrective motion on the crypto and commodity markets, leading toward the scenario described above.

A range-spring period wouldn't be bad for the markets, even so, as altcoins have been doing relatively well in these times. If Bitcoin's price starts to right, the focus could once once again shift to altcoins.

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