Bitcoin has been incurring massive volatility as of late that has been perpetuated by its inability to decisively move into the $12,000 region, which has proven to be a strong level of resistance that may prove to be a difficult level to break above in the near-term.<\/p>\n\n\n\n
Despite facing a steep pullback today, analysts are noting that Bitcoin could still target its recent highs of $12,300 in the near-future, with a decisive break above this level potentially leading to a massive move up.<\/p>\n\n\n\n
At the time of writing, Bitcoin<\/a> is trading down nearly 4% at its current price<\/a> of $11,400, which is down significantly from its daily highs of $11,900 that were set yesterday.\u00a0<\/p>\n\n\n\n Over the past week, BTC has attempted and failed on multiple occasions to break above $12,000, which has become a strong level of resistance for the cryptocurrency that is likely to continue holding strong in the near-term.<\/p>\n\n\n\n Although each move to above $12,000 has resulted in a subsequent drop, analysts are noting that Bitcoin\u2019s bulls may still be able to maintain control over the cryptocurrency in the near-term and could lead it to soon surge back towards $12,300.<\/p>\n\n\n\n HornHairs, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that the strong support Bitcoin has found during this recent drop is actually a bullish development.<\/p>\n\n\n\n \u201c$BTC thoughts: Solid 4H close as price closed above both the 1D OB support and consolidation range low after touching the previous swing high. Seems like a perfect storm is set for price to reach towards the range high now shown by the dashed red line at $12.3k,\u201d he explained.<\/p>\n\n\n\n