Bitcoin Price Tackles $12,000 After Breaking Through a Key Resistance Zone


Within the last hour Bitcoin (BTC) price pushed through the $11,800 resistance and finally made its way back above $12,000. 

Crypto market daily price chart

Crypto market daily price chart. Source: Coin360

The sharp upside move came after a relatively quite weekly close as altcoins like Chainlink (LINK) and Band Protocol (BAND) had been basking in the spotlight with daily double digit-gains.  

As mentioned earlier by Cointelegraph contributor Rakesh Upadhyay, Bitcoin price had been consolidating into a pennant on the daily timeframe, thus a breakout to $12K was expected by many traders. 

Upadhyay said: 

“The BTC/USD pair has formed a pennant, which usually acts as a continuation pattern. A breakout and close (UTC time) above the pennant will be the first sign that bulls have gained the upper hand. The target objective of such a breakout is $14,756. However, as the overhead resistance of $12,304.37 is close by, traders can wait for the price to sustain above this level before turning positive.”

Now that the price has rallied through the $12K mark, bulls will need to provide enough volume to push to a new daily high above the August 2 high at $12,122.

 Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

As Bitcoin price surged above $12,000, altcoins took a slight pummeling, especially BAND and Chainlink which saw sharp double-digit losses. 

LINK price dropped by 10% but has since recovered to trade above $13. BAND corrected by 31.34% as the price plummeted to $12.19 but at the time of writing the altcoin trades for $16. 

Cardano (ADA) also pulled back slightly, dropping by 2.39% to trade $0.145. 

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $364 billion. Bitcoin’s dominance index currently at 60.9%.

Keep track of top crypto markets in real time here

Source link

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Ethereum (ETH) $ 379.51 1.07%
Chainlink (LINK) $ 10.87 0.63%
Ampleforth (AMPL) $ 1.01 18.56%
Maker (MKR) $ 580.07 2.18%
Compound (COMP) $ 104.50 1.39%
Synthetix Network Token (SNX) $ 3.92 0.24%
Aave (LEND) $ 0.389701 4.03%
Kyber Network (KNC) $ 0.924201 0.39%
0x (ZRX) $ 0.393858 0.21%
Augur (REP) $ 13.60 0.11%
REN (REN) $ 0.336122 2.15%
Loopring (LRC) $ 0.170884 1.21%
Bancor Network Token (BNT) $ 1.11 3.79%
yearn-finance (YFI) $ 14,896.01 3.90%
Band Protocol (BAND) $ 6.30 2.91%
Kava (KAVA) $ 2.02 2.90%
Reserve Rights Token (RSR) $ 0.011527 4.93%