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Price Update: Bitcoin (BTC) Is Once Again Back Above $12,000

The top digital asset Bitcoin (BTC) continues to rally higher following a slight correction below to $11,940. With a gain of over 5 percent in the past 24 hours, the price of Bitcoin has once again jumped above $12,000. Yesterday, Bitcoin briefly breached the $12k resistance and could not reside above this level for a longer period of time. It was the first time since the mid of August that the price of BTC broke into this key resistance. Now, it seems that the major cryptocurrency has maintained itself above this price figure.

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$12k reclaimed what is next for BTC?

The psychological level of $12,000 has now been reclaimed by the top-ranked digital currency by market cap Bitcoin. It is considered to be a crucial breakout by various cryptocurrency analysts as it may help the coin to initiate its bullish rally. For the past two months since Bitcoin recorded its 2020 high in early August, traders have not seen a potential rally from the leading digital currency so far. But now they are once again expecting a bull run from Bitcoin.

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Currently, the price value of Bitcoin is trading at $12,179 with a positive change rate of approximately 4 percent in 24 hours, at the press time. Crypto analysts think that Bitcoin is now heading toward the next crucial resistance of $12,300 and is very near to break it in the short-term trend.

Once the short-term resistance gets broken, the next target for the coin will be to find a breakthrough from $12,500 which is also a key level for Bitcoin. A break above the $12.5k resistance will ultimately pave the way for the first-ranked digital coin towards its 2020 high. At the moment, Bitcoin’s price value is strongly holding in the bullish territory. A bearish move is likely not expected in the coming days.

Cryptocurrency analyst Josh Rager says in a tweet that Since January 2018, Bitcoin has not seen a weekly close above $12,000. The time has come for the world’s largest cryptocurrency to continue its uptrend, he added.

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MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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