Bitcoin Sets Its Eyes On $12,000 Once Again

Bitcoin (BTC) is breaking higher barriers right now as the US markets open for business in the new week.

Over the past few hours, the benchmark cryptocurrency played out the exact manner we predicted in our previous analysis. After consolidating for an extended period, BTC fell to the $11,180 area and quickly recovered, before clearing the strong resistance.

Meanwhile, about $10 billion has found its way back into the cryptocurrency market in the past 3 hours, along with more than $300 million in long bids at $11,500, according to data from CoinMarketCap and Datamish.

The cryptocurrency appears to have regained its bullish momentum following Square’s acquisition of about 4709 BTC, which rocked the industry last week. After the news, BTC appears to be fully capitalizing on the boost without any sign of a slowdown.

Analysts have begun speculating that Bitcoin has set its sights on the $13,800 level, but it has to clear the YTD high at $12,400 first.

Key BTC Levels to Monitor in the Near-Term

As mentioned above, BTC retraced modestly to $11,180 following a drawn-out consolidation period over the past 24 hours. At press time, the cryptocurrency is trading at $11,568 and has its eyes set on the $12,000 psychological resistance.

However, there’s a new resistance at the $11,750-800 region on its way to the $12k psychological resistance. This area is a strong supply zone and has the power to derail Bitcoin’s bullish rally if triggered.

On the flip side, the major support in the meantime is at the $11,280 level, followed by the $11,150 area. A subsequent decline from this area below the $11k psychological support could strengthen bears again.

Total market capital: $367.6 billion

Bitcoin market capital: $214 billion

Bitcoin dominance: 58.3%

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