Most Important Macro Level For Bitcoin Is Set At $13,000: Analysis

The most important macro level for bitcoin is set at $13,000 since the coin moved decisively over the past few days as we read in our Bitcoin news recently.

After reaching a low level of $10,400 a week ago, the coin is now trading for $11,350. The coin reached a local high of $11,500 around 10% higher from the lows and as Bitcoin pushes higher, the analysts are looking ahead to where the resistance could stop the further uptrend. One crypto analyst said that the most important macro-level for Bitcoin is at the $13,000 level. Fortunately for the cryptocurrency, the fundamentals of BTC are stronger than ever. These fundamentals could be enough to allow cryptocurrencies to surmount the resistance levels.

btc chart — Chart of BTC’s price action over the past few years with a market cycle analysis by crypto trader Polar Hunt (@Polar_hunt on Twitter).

Bitcoin’s recent push higher made the investors look ahead and speculate what will come next if the leading cryptocurrency manages to set a new year-to-date high. One crypto-asset trader believes that if BTC surmounts the summer highs of $12,500 and $13,000, these levels will be critical to watch. One trader shared a chart showing that Bitcoin’s price action in 201 lines with $13,000 so the prices are highlighted. Explaining why this level is so relevant, the analyst wrote:

“IMO $13’000 is the most important $BTC macro level. 1) Rejected 2018, pulled back to 3k. 2) Rejected 2019 before flashcrash to 3k. 3) Tested once in 2020 since price recovery. Push and hold through for a while (not just a fence) would make me believe in ATH. A man can dream.”

Bitcoin price — Chart of BTC’s price action since the 2017 highs with annotations by crypto trader and chartist Salsa Tekila (@salsaTekila on Twitter).

Some believe that $14,000 could be more important because of the marking of the highs in 2019’s rally and because $14,000 also marked where Bitcoin’s December candle of 2017 closed. BTC is expected to move into the $13,000 as some analysts suggested so one of them noted that if you overlay the last macro market cycle it is clear that a move towards $13,000 will happen:

“Can’t get enough of this overlay. Each candle is adjusted to reflect the percentage drop not price. And it fits like a glove.”

If Bitcoin manages to go over $13,000 or $14,000, it remains to be seen if it will confirm that the levels are supported.

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