Finally, the world’s largest cryptocurrency in terms of market capitalization Bitcoin (BTC) has breached the $12,000 price resistance after several attempts made by the coin during the past few months. It is the first time since the month of August that the top-ranked cryptocurrency has broken above this past resistance level. However, it traded above $12k only for a brief period of time and has corrected once again below this level.
Bitcoin Reclaims $12,000
A significant surge of over two percent during the past 24 hours has helped the top digital asset in crossing over the psychological level of $12,000. Bitcoin has been trying to retest this resistance over the course of the past two months. In this duration, it spent most of the time in the range between $10,000 and $11,000. Last week, it was able to top the short-term resistance of $11,500.
Cryptocurrency analysts were already expecting this breakout because the technical outlook of the coin was highly bullish in the previous week as it consecutively recorded gains. However, Bitcoin could not sustain above $12k and has moved down once again. At the press time, the price of Bitcoin (BTC) is trading at $11,943. Despite a downward correction, the major cryptocurrency is still up 1.77 percent up in 24 hours.
A few hours earlier when the price of BTC reached the $11,900 level, cryptocurrency traders in the community started reacting to the price of Bitcoin. Bitcoin analyst Tone Vays said that Bitcoin is very near to make a breakout.
Some crypto analysts believe that this uptrend of Bitcoin is the most likely to continue in the coming days as they are expecting a new bull trend in the future. If Bitcoin continues its upward movement in the next few days and records constant price gains, it might be able to records its 2020 high very soon.
The month of October has been great for the largest cryptocurrency so far as the coin has performed well since the start of this month. Apart from witnessing a price surge, the dominance of Bitcoin in the cryptocurrency market has also risen high significantly.