After days of anticipation, the Bitcoin price has finally pushed past the $12,000 resistance mark. The recent high of $12,007 shows that bulls have accumulated their ammo going forward and would likely start the next leg of rally upwards. The fresh surge could see the BTC/USD pair touch new highs and reach the next $12,200 resistance mark.
Bitcoin price heatmap by Coin360
The rise is accompanied by a broader altcoin rally that saw prices of significant cryptocurrencies touch fresh highs. The weekend has been kind to the crypto market as a positive ushered in the price action of most altcoins. As Bitcoin price breaks the $12,000 barrier, bullish hopes have emerged once again, marking an end to the consolidation phase.
Bitcoin price breaks above $12,000 resistance showing bullish potential
In the past few days, bulls and bears have confused the market participants as the price moved sideways. However, there was a bullish undercurrent to this movement as the chart showed regular higher highs being posted in the last few sessions. The price hovered between $11,500 and $11,800 bracket.
Bitcoin price chart by TradingView
On Monday morning, the price violently broke past the $11,800 resistance to register a high of $12,007. The price surged past this resistance in a few hours, and the candlestick pattern shows strong bullish undercurrent. Currently, it is consolidating gains by trading above the critical resistance at $11,800. Other altcoins, including Ethereum and XRP, are also painting bullish charts with an upward bias.
Strong upmove ends consolidation phase in BTC/USD pair
The sharp upmove on the hourly charts reflects the bullish wave that carried the price above the key $11,800 mark confidently. Now, the hourly charts show that bulls are consolidating their gains above this vital barrier. Currently, Bitcoin price hovers just around the $12,000 mark and flirting with resistance marks above.
Bitcoin price chart by TradingView
As trader Alan Masters points out that the sideways movement can pose downward threat as well. On the downside, the price would have to move quickly under $11,800, which is now acting as a support. Further, $11,500 will provide strong support to any price adventure downwards and arrest fall in the price. The bears will pose a serious threat at $12,300 level. With ADX at 41, there’s a fair amount of room for the price to go upwards. The +DI is also confidently above the -DI.
This past week, traditional markets across the globe rallied as hopes of an economic recovery fuel bullish market sentiment. The pandemic-stricken markets are charting their way through loads of economic data, and Bitcoin price seems to follow the overall bullish trend.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
