BTCUSD Could hit $12,000

Bitcoin continues to gain upside traction, as the cryptocurrency benefits from technical buying after moving above the $11,700 resistance level. The BTCUSD pair could start to test towards the $12,000 resistance level if the $11,850 resistance area is broken. Overall, any positive news from the ongoing US coronavirus stimulus talks could give Bitcoin a major boost to the upside.

• The BTCUSD pair is only bullish while trading above the $11,580 level, key resistance is found at the $11,850 and the $12,000 levels.

• If the BTCUSD pair trades below the $11,550 level, sellers may test the $11,200 and $10,900 levels.