The Bitcoin price (BTC/USD) has rallied above the $12,000 mark and is seemingly preparing to challenge the next major barrier.
The original cryptocurrency enjoyed some strong trading on Monday, as its price finally managed to break through the $12,000 barrier. Having opened the session at $11,446.60, the digital coin experienced a notable uptick in late morning trading, which helped its price move within striking distance of the $12,000 mark. The coin captured the level during the final hours of the session, when it rose to an intraday high of $12,345.83, before finishing the day at $12,285.96.
BTC has been able to continue its advance during today’s morning session. The coin rose to $12,723.35 earlier today, which was its highest price level since June 27. While the coin has since pulled back to lower levels, it has held above the $12,500 mark. At the time of writing, the Bitcoin price was hovering around the $12,700 level, according to data from digital currency tracker Coinmarketcap.
In a technical analysis piece published before Bitcoin’s move above $12,000 yesterday, industry website Coindesk noted that a high-volume break above $12,061 “would invalidate the bearish lower-highs pattern and open the doors to the recent high” of around $13,800. However, the online publication warned that a low-volume break could turn out to be a bull trap, especially as the weekly chart indicators, namely the weekly relative strength index (RSI), reported overbought conditions.
According to Coinmarketcap data, Bitcoin posted daily trading volume of $23.48 billion yesterday, up from the $19.37 billion generated during the preceding session. The coin’s 24-hour volume currently stands at $26.56 billion.
In today’s trading, the Bitcoin price stood at $12,719.53, as of 06:28 BST. The digital coin has gained 11.1% in the past 24 hours. Its total market capitalisation currently stands at $226.5 billion, which represents 64% of the combined value of all digital currencies.
Featured image: Jaruwan Jaiyangyuen/Shutterstock.com
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