Within the last hour, Bitcoin (BTC) price pushed through the resistance of $ 11,800 and finally made its way back above $ 12,000.
Crypto-brand daily price card. Source: Coin360
The sharp upward movement came after a relatively reasonable weekly close, as altcoins such as Chainlink (LINK) and Band Protocol (BAND) were in the spotlight with daily gains with double digits.
As mentioned earlier by Cointelegraph employee Rakesh Upadhyay, Bitcoin price had consolidated in a pendulum on the daily time frame, so many traders were expecting a breakout to $ 12K.
Upadhyay said:
“The BTC / USD pair has formed a pennant, which normally acts as a continuation pattern. A breakout and close (UTC time) above the pennant will be the first sign that bulls have gained the upper hand. The target for such a breakout is $ 14,756. However, because the overhead resistance of $ 12,304.37 is close, traders can wait for the price to stay above this level before turning positive. ‘
Now that the price is rallying through the $ 12K mark, bulls will need to supply enough volume to push to a new daily high above the August 2 high of $ 12,122.
Bitcoin daily price chart. Source: Coin360
When Bitcoin price went above $ 12,000, altcoins took a slight pummeling, especially BAND and Chainlink who saw sharp double-digit losses.
LINK price dropped 10% but has since recovered to trade above $ 13. BAND corrected by 31.34% when the price fell to $ 12.19, but at the time of writing the altcoin trades for $ 16.
Cardano (ADA) also pulled back a bit, dropping 2.39% to trade at $ 0.175.
According to CoinMarketCap, the total capital on cryptocurrency market now stands at $ 364 billion. The dominance index of Bitcoin stands at 60.9%.
