Bitcoin price analysis: BTC/USD bulls awake as price grinds closer to $12,000

Bitcoin is leading the new week’s gains after rising 3.4% on the day. BTC/USD managed to stay above $11,000 over the weekend sessions. However, the upside remained capped below $11,750. Other major assets are beginning to following in the footsteps of Bitcoin with shallow gains on Monday. Ethereum is up 0.9% on the day while Litecoin is trading at $120 after gaining a subtle 0.3% on the day.

Following the bearish correction last week that saw Bitcoin descend to lows around $9,676, the price has sustained growth above a rising trendline as observed on the hourly chart. Initially there was consolidation with Bitcoin stuck between $10,750 and $11,750. The breakout today has extended the gains above the moving averages in an engulfing candlestick.

BTC/USD is trading at $11,848 at press time after reviving the hope of seeing it above $12,000 in the coming sessions. The Moving Average Convergence Divergence (MACD) is moving further up in the positive region. Its increasing divergence means that bulls are in control. Moreover, the Relative Strength Index (RSI) is brushing shoulder s with the overbought at 70. Further correction up will encourage buyers to increase their positions.

BTC/USD 1-h chart