- Bitcoin spikes above $12,000 for the first time in August in fresh gains.
- Glancing higher, Bitcoin could easily blast through $13,000 if technicals remain positively intact.
Bitcoin skyrocketed to new monthly highs during the European session on Tuesday. Piercing $12,000 is strikingly impressive for an asset that plunged to lows close to $9,000 last month. The reliable support above $9,000 continues to give Bitcoin price strong legs to sit on.
In July the $9,000 support area tested twice. A formed double-bottom pattern gave the bullish momentum a mega boost first above $10,000 and later $11,000. The tight grip by the bulls saw Bitcoin price step above $11,500, which later saw the price action above the critical $12,000 level. Glancing higher, Bitcoin squeezed through $12,000 for the first time in August.
At press time, BTC/USD teeters at $12,229 amid a struggled to secure higher support, preferably above $12,200. Looking at the technical indicators, Bitcoin is inclined to push towards $13,000 in the coming sessions. The Relative Strength Index (RSI) at 84.37 is sideways in the overbought. The Moving Average Convergence Divergence (MACD) gradually slopes upwards in the midst increasing bullish divergence.
BTC/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.