The Bitcoin price has finally touched a $12,000 mark. The price was stuck in $11,900 and was almost showing lazy movement in the past 48 hours. At the time of writing this, the BTC price is sitting at $12,160.73 (+2.50%). Let’s take a look at it in more detail.
BTC Price Analysis: The Bitcoin Price and the technical outlook
BTC Price Analysis 1 Day Chart: Tradingview
In just one hour, it seems that an unexpected flood in buying pressure came and this was responsible for driving the BTC/USD price over the $12,000 mark for the first time in the past few days. The Bitcoin price has gone past $12,125, the 2020 yearly high. The key metrics are as follows:
BTC Price Analysis: The Bullish Outline for Bitcoin Price
BTC Price Analysis 1 Month Chart: Tradingview
The 1 hr bullish plot for the BTC price could be defined between $11,912 – $12,208. If we analyze then the rejection at the $12,108 mark could be assumed but it will be too early to predict anything.
Over the past 30 days, the Bitcoin price performance (ROI) vs USD is quite impressive. The ROI has increased by almost +31% and ignoring the current price movement for BTC, where is the major digital asset headed to next? The daily chart continues to be bullish and bulls could be able to use this drive to push further. The daily uptrend could remain intact unless the bears can drop the BTC price below $11,900.
The $12,000 mark was a wiry resistance point for the BTC price to crack. In fact, it has been more acute due to meaningful liquidations following above the resistance level building extensive threads to the upside and downside in just few hours. Now, at the moment the trading volume is hight but market could still be unpredictable for the next 2 hours.
It is now crucial to view Bitcoin price trades above $12,060 for the next 4 to 5 hours and then see restoration to really validate the breakout. Still, there could be a possibility that the BTC price could touch $12,500 after touching $12,000 as the range between Bitcoin’s lowest and highest trading prices over the last 24 hours is $11,760.57 – $12,212.27. This could build more trust in the bullish market further climbing Bitcoin price to $12,500.
Conclusion
Studying the the above charts, we can notice that the opening breakout of BTC/USD price touched the $12,129. If this area is defeated during the current uptrend in the next few hours, then the first resistance level could be at $12,291, which also overhangs with the higher resistance. We wish you happy trading!
