Bitcoin surge nears $12,000 as fundamental, technical signs clash

Bitcoin kicked off the week of Oct. 19 with a bang. The flagship cryptocurrency saw its price surge nearly 4.5% to trade at a high of $11,995 on Oct. 20. While many investors are seeing profits, different metrics show that this Bitcoin surge may not be done. Bitcoin sits on top of a massive supply wall From a fundamental standpoint, Bitcoin could be on the cusp of a new bullish cycle. IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model shows that Bitcoin sits on a massive supply barrier. Roughly 3.5 million addresses had previously purchased nearly 2 million BTC