Bitcoin market update: BTC/USD double-bottom pattern propels price past $12,200

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.

Also read: Ethereum price analysis: ETH/USD squeezes through $230 the second time in 2 days

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