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Why traders say $13,875 will be the next ‘logical’ Bitcoin price resistance

Published 10/27/2020, 03:36 PM
Updated 10/27/2020, 05:20 PM
Why traders say $13,875 will be the next ‘logical’ Bitcoin price resistance
BTC/USD
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BTC/USD
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The price of Bitcoin (BTC) has surpassed $13,745 and is now en-route to the next major resistance level. Traders have suggested that $13,875 is the nex key short-term area for BTC for two major reasons.

First, Bitcoin peaked at $13,970 on Jun. 26, 2019. Technically, the previous peak achieved more than a year ago still serves as an important area for sellers.

BTC/USD weekly chart. Source: TradingView.com, Edward Morra
The dormant supply of Bitcoin. Source: CoinMetrics.io

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