Bitcoin Technical Analysis: BTC/USD eying up $12,000 after $1.2 billion in Bitcoin left exchanges

BTC/USD is trading at $11,800 after a notable breakout on August 5.
Trading volume seems to be declining but the number of Bitcoin inside exchanges also has declined.

Lorenzo Stroe Independent Analyst

According to recent reports, the number of Bitcoin inside exchanges has dropped significantly over the past week. This indicates that investors are bullish on BTC and are willing to hold the digital asset instead of selling it.

BTC/USD daily chart

Bitcoin dropped to a low of $11,578 before recovering and peaking at $11,888. The $12,000 psychological resistance level is still the most relevant point in the short-term, followed by the 2020-high at $12,112.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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