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It was a mixed start to the week. Bitcoin fell to a Monday intraweek low of $ 11,417.0 before making a move.
Avoiding the first major support level at $ 11,173, Bitcoin reached an intraweek high on Sunday at $ 13,358.0.
Bitcoin broke through the week’s major resistance levels to visit $ 13,000 levels for the first time since July 2019.
A bearish end of the week, however, saw Bitcoin return to levels below $ 13,000 before ending the week at $ 13,000.
Despite the pullback, Bitcoin avoided a fall through the third major resistance level at $ 12,714.
5 days in green that included a 7.42% rally on Wednesday provided the upside for the week. The benefit came from the news that PayPal will start supporting cryptocurrencies in 2021.
For the next week
Bitcoin should avoid a fall through the $ 12,604 pivot to support a run at the first major resistance level at $ 13,791.
Support from the broader market would be needed for Bitcoin to break out of last week’s high of $ 13,358.0.
Barring an extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of another breakout, Bitcoin could test resistance at $ 14,000 before any pullback. The second major resistance level is found at $ 14,545.
Failure to avoid a fall through the $ 12,604 pivot would bring the first major support level at $ 11,850 into play.
Barring a prolonged sell-off, however, Bitcoin should avoid support levels below $ 12,000. The second major support level is found at $ 10,663.
At the time of writing, Bitcoin was up 0.51% to $ 13,104.0. A mixed start to the week saw Bitcoin drop to a Monday morning low of $ 12,990.0 before hitting a high of $ 13,110.0.
Bitcoin left the major support and resistance levels untested earlier in the week.
