Bitcoin price has reached $12,000 for the second time in a month, but will it hold?
In the last hour the Bitcoin price (BTC) has overcome the resistance of $1,800 and finally returned above $12,000.
The sharp rise came after a relatively week-long close, as alto-locks like Chainlink ( LINK ) and Band Protocol ( BAND ) were in the spotlight with double-digit daily gains.
“The BTC/USD pair formed a pennant, which usually acts as a continuation pattern. A break through and close (world time coordinated) above the pennant will be the first sign that the bulls have taken over. The target goal of such a breakthrough is $14,756. However, as the overhead resistance of $12,304.37 is close, traders can wait for the price to hold above that level before it becomes positive.
Now that it’s up to $12,000, the bulls will need to provide enough volume to push it to a new daily high above its August 2 high of $12,122.
When the bitcoin price exceeded $12,000, the altokuins suffered a slight drop, especially BAND and Chainlink, which suffered sharp double-digit losses.
The LINK price fell by 10% but has since recovered to above $13. BAND corrected by 31.34% as the price fell to $12.19 but at the time of writing altok is trading at $16.
Cardano ( ADA ) also slightly declined, falling 2.39% to $0.145.
According to the CoinMarketCap, the total capitalization of the cryptovolta market now stands at $364 billion. The Bitcoin Dominance Index currently stands at 60.9%.
Bitcoin Price Daily chart