Bitcoin’s Race Above $12k: What’s Special About It?

Bitcoin traders have been busy, as well as the coin. In the past week, Bitcoin started on a high note and closed on a slightly disappointing note. The week began with a Bitcoin price at $12,080 and closed the week at $11,898. The main highlight of the week was when bitcoin dropped from $11,982 later on August 10 to $11,337 the following day.

Bitcoin has been in almost the same price trend since the major breakout that was experienced on July 27. Since that trend started, the leading cryptocurrency has kept testing and breaking different resistance levels and creating new support levels.

From July 27 to August 2, Bitcoin started at $9,969 and touched $12,133. The increase was to traders’ delight, but unfortunately, in less than an hour, Bitcoin lost more than 10% of its value. The coin dropped from $12,133 to $10,541. Since then, Bitcoin has tested the $12,000 resistance level.

Monday, 17 August was different from the other days that Bitcoin tested the $12k resistance level. Bitcoin not only crossed the $12,000 resistance level but more resistance levels. The $12,100, $12,200, $12,300 and the $12,400 resistance levels and tried testing the $12,500 resistance level but the conditions were not just right. The interesting part of this breakout is that it happened in less than 3 hours.

BTC/USD Price Analysis

  • Key Resistance Levels: $12,500, $12,600, $12,700, $12,800
  • Key Support Levels: $11,750, $11,650, $11,400, $10,975, $10,850, $10,500

Since the price trend began, the lowest price Bitcoin recorded is $10,544. The records suggest that the $10,500 has been long term support and will continue to be. Even if prices come crashing down, a bet can be placed on the $10,500 support level.

 The $11,650 support level is a support level that beckons attention; it has continued to be a battleground for both the bulls and bears. This support level was tested and broken a couple of times. This $11,650 support level is a real source of concern for traders because once it is broken, the most time before it bounces back, prices are seen to drop even further than the $11,400 support level.

The various resistance listed above has never been broken this year. Unfortunately, breaking this resistance level may not happen anytime soon as On-chain data analysis indicates that bears have taken full control of the market.

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