• Bitcoin has been trending sideways for the last few hours and was recently unable to break through the USD 11,900 mark.
• Analysts describe that Bitcoin has to pass the $12,000 mark again, then the way is clear for the next target of $15,000.

Bitcoin has been trending sideways for the last few hours, moving in a narrow price channel between $11,600 and USD 11,800. The Bitcoin price shows a plus of 0.89% to a price of $11,678.11. At the time of writing, the market capitalization is just under USD 215 billion and the Bitcoin dominance has fallen to 60.4%.

Analysts are currently unable to find a consensus on whether Bitcoin is threatening a correction to the $10,500 mark or whether the upward trend of the past few days can continue. Blockroot’s founder Josh Rager describes that BTC will probably continue to trend sideways today, and therefore he will focus on Altcoins like Chainlink.

https://twitter.com/Josh_Rager/status/1292139463842373632

Bitcoin Trader Teddy explains that Bitcoin must rise above the $12,000 mark to reach the next target of $15,000. So far, Bitcoin has already bounced off the trend line in the chart twice, so Bitcoin could try to break through this resistance in the near future. He describes that for all BTC investors the “financial freedom” is imminent, should Bitcoin be able to overcome the resistance along the $12,000 mark.

https://twitter.com/TeddyCleps/status/1292365768735285248

Jonny Moe also remains bullish for Bitcoin, but BTC must break through the strong resistance along the $12,000 mark. Bitcoin’s fundamentals remain strong, so Bitcoin could continue to move sideways for a few days before another rise follows. He compares the current situation with his setup in April 2019, when Bitcoin rose from $8,000 to $13,000 in 3 months after several weeks of sideways movement.

On the Altcoin market, Chainlink with a plus of more than 19% and Tezos with a price increase of 13% are among the biggest winners of the last 24 hours. Chainlink has marked a new all-time high after LINK rose from just under $10 to $13.87 in a few minutes. The pump was probably due to a squeeze of short contracts in the futures market. Well-known trader Benjamin Blunts said that Chainlink could rise even further as there is no resistance in the coming time frames.

Grayscale launches large-scale TV campaign for Bitcoin

As we reported earlier, investment giant Grayscale has launched a massive TV campaign to bring crypto currencies into the mainstream. Trader CRYPTO₿IRB shares a chart by analyst firm Glassnode that shows the increasing demand for Bitcoin among institutional investors. In recent months, the adoption of Bitcoin by major financial institutions has continued to increase, so in his opinion it is only a matter of time when Bitcoin will rise to $14,000

Recommended for you:

• Buy Bitcoin Guide
• Bitcoin Wallet Tutorial
• Check 24-hour Bitcoin Price
• More Bitcoin News
• What is Bitcoin?