RATE Group | Bitcoin Forms Massive Weekly Trading Range as Analysts Eye Move to $12k
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Bitcoin Forms Massive Weekly Trading Range as Analysts Eye Move to $12k

26 Oct Bitcoin Forms Massive Weekly Trading Range as Analysts Eye Move to $12k

Posted at 21:13h in Bitcoin News by

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Bitcoin has been facing an influx of massive volatility over the past 24-hours, surging to fresh monthly highs before bulls lost their strength and the crypto retraced by nearly $1,500.

This meteoric volatility has led to the formation of a wide weekly trading range, but analysts do believe that there is a strong possibility that BTC breaks above its upper range boundary and reaches fresh multi-month highs around $12,000.

Bitcoin Surges to $10,500 Before Facing Swift Rejection

At the time of writing, Bitcoin is trading up roughly 7% at its current price of $9,100, which marks a significant retrace from its daily highs of nearly $10,500 that were set at the peak of the rally that occurred late last night.

After briefly touching this price level, BTC’s bulls lost their strength and the crypto retraced to its current price levels, which may point to an underlying weakness behind the bulls who perpetuated this latest price rally.

Moon Overlord, a popular cryptocurrency analyst on Twitter,…

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