Within the last few hours, the Bitcoin (BTC) price broke through the $11,800 resistance and finally made its way back above $12,000.
The sharp positive move came after a relatively silent weekly close as altcoins like Chainlink (LINK) and Band Protocol (BAND) had been reclining in the spotlight with daily duple digit-improvements. As Bitcoin price surged above $12,000, altcoins took a slight thrashing, especially BAND and Chainlink which saw sharp double-digit losses.
Bitcoin price had been consolidating into a banner on the daily timeframe, thus a getaway 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 gathered around the $12K mark, decrees will need to provide enough volume to push to a new daily high above the August 2 high at $12,122.
LINK price dropped by 10% but has since improved to trade above $13. BAND altered by 31.34% as the price dropped 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 Coin MarketCap, the overall cryptocurrency market cap now stands at $364 billion. Bitcoin’s dominance index currently at 60.9%.
Bitcoin has definitely shown improvement in its stance… but the big question remains… Will It Hold?
Read more: Bitcoin is almost as Big as Bank of America
