Why traders say $13,875 will be the next 'logical' Bitcoin price resistance

The price of Bitcoin has surpassed $13,745 and is now en-route to the next major resistance level.

Second, technical analysts say that the weekly candle chart of Bitcoin shows $13,875 as the next "Logical resistance."

The major factor will be how Bitcoin price responds to tapping the highly anticipated resistance level and it is likely to pave its short-term performance until the end of 2020.Should investors expect a major pullback near the $14K level?

In the past several days, calls for a major Bitcoin pullback have increased as the market sentiment turned euphoric.

Historically, even amidst strong bull cycles, Bitcoin saw healthy corrections that further strengthened its uptrend.

"On high time frame chart this weekly level ~$13,875 is next logical resistance. It rejected 2019 rally pretty hard, second test will be less violent but I believe there will be a reaction. Taking out that '19 high into weekly supply is one to watch for."

In the past week, Bitcoin has tested many key resistance levels in a short span of time.

For buyers, the ideal scenario for Bitcoin would be to rise above $13,875 and remain stable above it.

As Bitcoin investor James O'Beirne pointed out, BTC convincingly decoupled from the U.S. stock market in October.

According to CoinMetrics, the dormant supply of Bitcoin held for at least 1 year has hit an all-time high.