Bitcoin (BTC), the world’s largest cryptocurrency, has cleared its way through some resistance in the second quarter of 2020. According to the cryptocurrency market capitalization reports, bitcoin price has sailed through the $12,000 market in late July-early August this year. The Price of bitcoins has successfully exceeded the $12,000 mark for the second time this month, however, it is uncertain whether it would hold this position for long.
In the past 24 hours, BTC prices have pushed through the resistance of $11,800 and are now standing at $12,017.5 price as of August 10, 2020, this price hike has registered a 2.80% increment according to the daily price chart of the global crypto market.
This spike in bitcoin prices comes weeks after it faced a steep competition with alternate cryptocurrencies (altcoins) such as Band Protocol (BAND) and Chainlink (LINK). In the past month, these altcoins enjoyed a great time with some high-digit gains in their prices and due to their growing popularity BTC was unable to stay under its usual spotlight.
Leading cryptography experts have observed that the BTC price has consolidated into a standard value on the daily timeframe. Hence, several BTC traders expected a second $12K price breakout to occur in 2020.
When the BTC/USD pair value gains a pennant status, the bitcoin prices change via a continuation pattern. When the Price breaks through this pennant, it gives the traders an initial indicator that BTC holders have attained the upper hand. In such price breakouts, the target is above $14,500.
However, over the past few weeks, BTC price increment faces an overhead resistance of nearly $12,300. Traders were waiting for the Price to turn positive by sustaining above this resistance level.
Now that the Price has rallied through the $12K mark, bulls will need to provide enough volume to push to a new daily high above the August 2 high at $12,122.
After the first week of August, the BTC price surpassed the $12,000 mark and encouraged holders to provide high volume that helps this Price push its daily maximum at $12,122 value on August 2.