Bitcoin (BTC) was able to surpass $12,000 once again after bulls were able to break a key resistance level. Nonetheless, this is a very difficult region for Bitcoin. If it is not able to continue moving higher or sustain this level, we may see a retracement taking BTC below $12,000 once again. If instead, it keeps above $12,000 and volume increases, then we would confirm Bitcoin finally broke out.
Bitcoin Surpasses $12,000
According to data provided by CoinMarketCap, Bitcoin was able to surpass $12,200 and it is now traded around $12,240. The virtual currency registered a price increase of 4.18% in the last 24 hours and a 7-day price increase of over 7.04%.
Although it could continue growing in the near future, Bitcoin bulls will have to show higher volumes that would allow the virtual currency to break above $12,450, Bitcoin’s previous high registered in August this year.
If Bitcoin surpasses $12,450, then, the next possible target would be $13,750, where Bitcoin was traded in June 2019 and after a fast price movement to these levels.
According to the cryptocurrency analyst Josh Rager, Bitcoin is working on higher closes on the weekly and monthly charts. According to him, the virtual currency hasn’t had a weekly close above $12,000 since January 2018 after the bull market that took Bitcoin price to $20,000.
On the matter, Josh Rager wrote on Twitter:
“Both the weekly and monthly charts are working on higher-closes. Bitcoin hasn’t had a weekly close above $12,000 since January 2018. Bitcoin had its 20%+ pullback, its time to continue this uptrend.”
Other analysts believe that this is just the perfect moment for Bitcoin to start a bull run that would take it towards new all-time highs. Although this is certainly possible, we may need to wait for a confirmation this is going in the right direction.
It is worth taking into consideration that altcoins have not been experiencing the same movement into higher prices as Bitcoin. All the top 15 cryptocurrencies are registering losses. Ethereum (ETH) was able to keep its $379 price level and XRP lost just 1% of its price in the last 24 hours. Nonetheless, Cardano (ADA) and Chainlink (LINK) fell by around 2.73% and 4.1%, respectively.
It is just time to see whether Bitcoin moving higher would be positive for altcoins or not.