Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Bitcoin price has pushed through $12,000 for the second time this month but will it hold?
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. 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. 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 hereDisclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.