- BTC is trading at $11,955.92 and is up by 3.04% in the last 24 hours.
- The cryptocurrency had been trading at $11400 to $11800 throughout the week and breaking past the $12000 resistance was important for BTC in order to reach higher prices.
- The bulls are currently experiencing resistance in the overhead zone of $12113 – $12304 as per the analysts.
BTC finally rallied and surpassed the $12000 mark on Monday. A few hours ago, BTC’s price pushed to $12044.66 proving that the bulls are in control.
Currently, BTC is trading at $11,955.92 and is up by 3.04% in the last 24 hours. The total market capital stands at $220.66 billion and the daily trading volumes are at $19.34 billion. The cryptocurrency had been trading at $11400 to $11800 throughout the week and breaking past the $12000 resistance was important for BTC in order to reach higher prices. Moreover, in the previous week, BTC suffered a major pullback in its value. Two days ago, BTC’s price fell to $11350 from $11900 in the crypto exchange Bitstamp and finally recovered to $11600 levels.
Fading US Dollar Drive the Price of Gold, Silver, and Bitcoin
However, BTC is currently trading at the resistance levels of $11800 to $12000. However, their counterparts gold and silver are doing relatively well. A few days ago, Gold’s price rallied to an all-time high of $2055. Even silver markets rallied to a high of just $30 levels and consequently faced a small pullback. At press time, silver was trading at $28.310 and gold at $2029.79.
The increasing value and demand for gold, silver, and BTC can be increased with reference to the US fiat. For a long time now, the US dollar has underperformed the other currencies and to addition Federal Reserve’s Inflationary measures. Consequently, BTC has been considered a major and effective hedge during such inflation circumstances. And some experts say that the Bitcoin rally is more a consequence of the dollar’s depreciating value rather than its own price.
If Bulls Holds Up The Price Above $12304, The Momentum Is Likely To Continue
The bulls are currently experiencing resistance in the overhead zone of $12113 – $12304 as per the analysts. The targeted breakout is $14756. But since the overhead resistance of $12304 is nearby, traders will tend to push and sustain BTC’s price above that level. It has been anticipated that the bears may create some challenges once BTC is in the $13000 but it is expected to cross the $13000 mark. In short, if the bulls manage to drive BTC’s price to above the $12304 resistance then the momentum is likely to prevail.
Breaking the $12000 resistance remains the main target for the bulls now, followed by which $15000 becomes a target automatically.