Peter Smith
According to Glassnode analysis, 95% of all Bitcoin holders are in profit at the moment.
The rate of Bitcoin (BTC) is slowly approaching the last year's peak at almost $14,000. That is why almost all traders who bought the chief crypto before now are making a profit or, at least, have not lost anything.
Analyzing Reasons to Break the $12,000 Level
On the daily time frame, Bitcoin (BTC) is trying to fix above the $12,000 mark for the third time in a row. However, even now it has low chances for that as the trading volume keeps declining. In addition, there are fewer buyers that want to buy the leading crypto at the current prices as the liquidity level is low. Besides, the Relative Strength Index indicator is already located at the verge of the overbought area, considering an upcoming price drop.
If bulls cannot break the Triangle and fix above $12,000 until the end of the week, bears are about to seize the initiative and push Bitcoin (BTC) back to the support at $10,500.
Such a scenario might happen at the beginning of September of 2020.
Bitcoin is trading at $11,815 at the press time.
Peter Smith
