- There was a strong rise in bitcoin price above the $12,000 resistance level against the US Dollar.
- The price broke the last swing high and traded to a new weekly high above $12,700.
- Yesterday’s highlighted crucial contracting triangle was breached with resistance near $11,520 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The bulls are currently in control and it seems like they are eyeing $13,000 or even $13,200.
Bitcoin price climbed higher sharply above $12,000 and $12,500 against the US Dollar. BTC is currently showing positive signs and it could even test the $13,000 resistance.
Bitcoin Price Analysis
Yesterday, we saw a few positive moves in bitcoin price above the $11,000 level against the US Dollar. The BTC/USD pair traded steadily above the $11,200 pivot level and the 100 hourly simple moving average. Moreover, there were range moves before the price started a strong upward move above the $11,500 resistance level. Once there was a close above the $11,500 level, the climbed more than 12% in the past three sessions.
Moreover, yesterday’s highlighted crucial contracting triangle was breached with resistance near $11,520 on the hourly chart of the BTC/USD pair. It set the tone for a fresh rally above the $12,000 resistance level. The pair even broke the $12,500 resistance and traded close to the $12,800 level. A new weekly high was formed near $12,788 and the price is currently consolidating gains.On the upside, an initial resistance is near the $12,800 level. If there is an upside break, the price is likely to climb further above the $13,000 level. The next major resistance for the bulls is near the $13,200 level.