{"id":99029,"date":"2020-10-27T22:36:40","date_gmt":"2020-10-27T19:36:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-traders-say-13875-will-be-the-next-logical-bitcoin-price-resistance\/"},"modified":"2020-10-27T22:36:40","modified_gmt":"2020-10-27T19:36:40","slug":"why-traders-say-13875-will-be-the-next-logical-bitcoin-price-resistance","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-traders-say-13875-will-be-the-next-logical-bitcoin-price-resistance\/","title":{"rendered":"# Why traders say $13,875 will be the next \u2018logical\u2019 Bitcoin price resistance"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a357b151a628\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a357b151a628\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-traders-say-13875-will-be-the-next-logical-bitcoin-price-resistance\/#Should_investors_expect_a_major_pullback_near_the_14K_level\" >Should investors expect a major pullback near the $14K level?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/why-traders-say-13875-will-be-the-next-logical-bitcoin-price-resistance\/#Additional_factors_behind_Bitcoins_momentum\" >Additional factors behind Bitcoin&#8217;s momentum<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Why traders say $13,875 will be the next \u2018logical\u2019 Bitcoin price resistance  <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">The price of Bitcoin (BTC) has surpassed $13,745 and is now en-route to the\u00a0next major resistance level. Traders have suggested that $13,875 is the nex key short-term area for BTC for two major reasons.<\/p>\n<p>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.<\/p>\n<p>Second, technical analysts say that the weekly candle chart of Bitcoin shows $13,875 as the next \u201clogical resistance.\u201d<\/p>\n<p>The major factor will be how Bitcoin price responds to t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing the highly anticipated resistance level and it is likely to pave its short-term performance until the end of 2020.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Should_investors_expect_a_major_pullback_near_the_14K_level\"><\/span>Should investors expect a major pullback near the $14K level?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the past several days, calls for a major Bitcoin pullback have increased as the market sentiment turned euphoric.<\/p>\n<p>Historically, even amidst strong bull cycles, Bitcoin saw healthy corrections that further strengthened its uptrend.<\/p>\n<p>Edward Morra, a popular cryptocurrency trader, said he expects a reaction from the market at $13,875. The last time BTC tested that level 16 months ago, it saw a massive price drop in a short period.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/3dabddff-c997-4e6b-8d7d-7467555f137b.jpg\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>BTC\/USD weekly chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/?utm_source=cointelegraph&amp;utm_medium=sponsored&amp;utm_campaign=news&amp;utm_term=btc\">TradingView.com<\/a>, Edward Morra<\/em><\/figcaption><\/figure>\n<p>This time, traders do not anticipate a deep rejection but a strong reaction is expected from BTC and the wider market.\u00a0Morra <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/edwardmorra_btc\/status\/1321108019862740993?s=20\">said<\/a>:<\/p>\n<blockquote><p>\u201cOn high time frame chart this weekly level ~$13,875 is next logical resistance. It rejected 2019 rally pretty hard, second test will be less violent but I believe there will be a reaction. Taking out that &#8217;19 high into weekly supply is one to watch for.\u201d<\/p><\/blockquote>\n<p>In the past week, Bitcoin has tested many key resistance levels in a short span of time. Yet, it has breached the levels with ease, consolidating above each one, and demonstrating a stable rally.<\/p>\n<p>For buyers, the ideal scenario for Bitcoin would be to rise above $13,875 and remain stable above it. Such a pattern would indicate a healthy reclaiming of a multi-year resistance level, which is very optimistic.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Additional_factors_behind_Bitcoins_momentum\"><\/span>Additional factors behind Bitcoin&#8217;s momentum<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are two fundamental and macro factors that could catalyze Bitcoin\u2019s momentum in the near term: decoupling and the dormant supply.<\/p>\n<p>As Bitcoin investor James O\u2019Beirne <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/jamesob\/status\/1321131334115479552?s=20\">pointed out<\/a>, BTC convincingly decoupled from the U.S. stock market in October.<\/p>\n<p>Due to the lack of stimulus, the uncertainty surrounding the 2020 election, and the sharp rise in COVID-19 cases, the U.S. stock market has dropped steadily. At the same time, BTC has rallied strongly and the sentiment surrounding the digital asset has improved significantly.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/53ca2bb1-8cc2-4684-b90a-5dbb45d04208.jpg\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>The dormant supply of Bitcoin. Source: CoinMetrics.io<\/em><\/figcaption><\/figure>\n<p>According to CoinMetrics, the dormant supply of Bitcoin held for at least 1 year has hit an all-time high. The researchers <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/coinmetrics\/status\/1321103610097377281\">said<\/a>:<\/p>\n<blockquote><p>\u201cThe % of BTC supply held for at least 1 year has never been higher. This is bullish for BTC, especially considering this metric historically peaked during periods where price was at local lows.\u201d<\/p><\/blockquote>\n<p>The confluence of positive fundamentals, macro, and technical factors, along with an optimistic high time frame technical structure, raise the probability of BTC testing $13,875 without a massive corrective movement.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/why-traders-say-13-875-will-be-the-next-logical-bitcoin-price-resistance\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Why traders say $13,875 will be the next \u2018logical\u2019 Bitcoin price resistance &#8221; The price of Bitcoin (BTC) has surpassed $13,745 and is now en-route to the\u00a0next 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&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":99030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/5acb0dee-a30f-464c-a174-94235a9d0187.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74939,73785],"class_list":["post-99029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=99029"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99029\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/99030"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=99029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=99029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=99029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}