Bitcoin prices pushed higher lately, but this rally fizzled. (Photo by Nicolas Economou\/NurPhoto ... [+] via Getty Images)<\/p>\n
Bitcoin prices have rallied modestly within the last 24 hours, rising to their highest in roughly two weeks before losing momentum. <\/p>\n
The worlds most prominent digital currency reached as much as $12,070.23 earlier today, its loftiest price since August 18, CoinDesk data shows. <\/p>\n
However, the cryptocurrencys upward price movement stalled, and the digital asset has been trading within a reasonably tight range, additional CoinDesk figures reveal. <\/p>\n
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] <\/p>\n
Joe DiPasquale, CEO of cryptocurrency hedge fund managerBitBull Capital, weighed in on the matter.<\/p>\n
$12,000 has continued to be a strong resistance for Bitcoin but the bulls have persisted over the last month, rallying around the $11,000 level to provide strong support, said DiPasquale. <\/p>\n
The result is that Bitcoin continues to test this resistance at $12K despite multiple rejections, he added. <\/p>\n
Jon Pearlstone, publisher of the newsletterCryptoPatterns, fit the digital assets latest moves into a broader pattern, stating that: <\/p>\n
Since Bitcoins breakout above the key price level of $9,500 in late July, Bitcoin has ranged between $10,500 and $12,500.<\/p>\n
While there are some bearish signs, the bulls have the edge with a bullish pattern on the weekly chart, he added.<\/p>\n
The target is in the $15,000 range which would be a retest of the 2019 high of $14,000, said Pearlstone. <\/p>\n
If Bitcoin can break out above that resistance level with strong volume, there are longer term patterns with prices much higher, starting with a test of all time highs around $20,000.<\/p>\n
DiPasquale also provided a bullish outlook for the digital currency.<\/p>\n
While the move today was too sharp to not invoke profit-taking, selling pressure is relatively balanced and not dominating market sentiment, he stated. <\/p>\n
Moreover, the 20-day moving average is now acting as support and indicators, at the moment, are not as overheated as they were during rallies earlier last month.<\/p>\n
All these factors together, in our opinion, bode well for Bitcoin, and by association, the crypto market. <\/p>\n
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS. <\/p>\n
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