Bitcoin Snaps the $12K Resistance, Aims Higher

Before now, Bitcoin has been idling under the $11,900 mark, despite the fresh influx of $6 billion into the global crypto space in the past few days.

In the past few hours, however, a sharp boost in buying pressure surfaced, which took Bitcoin to the long-awaited $12k since August 11. This was a level that subdued BTC buyers twice in the last 48hours. Bulls were able to drive the price as high as $12,465, a new 2020 high.

Key Levels To Watch

As projected in yesterday’s analysis, Bitcoin has resurfaced strongly above the $12k level. The next targets to the upside are the $12,500, $12,700, and subsequently, the $13k psychological line.

At press time, BTC is trading at $12,380 and a fall from this level will be immediately supported by the strong resistance-turned-support level at $12k. This fall could come as a result of the overbought conditions the benchmark cryptocurrency is venturing into on our hourly chart.

That said, Bitcoin bulls might try to close above $12,500 to cement the bullish rally above $12k.

Also, Bitcoin’s price action today coincided again with a similar surge from gold. The yellow metal has been showing a strong correlation with BTC for a while now, as it gained about $50 in its surge today.

Total market capital: $386.8 billion

Bitcoin market capital: $227.7 billion

Bitcoin market dominance: 58.8%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results