Breaking: Bitcoin breaks above $12,000 first time since September 1; traders anticipate a bull run
- The pioneer digital currency broke above the pivotal resistance area of $12,000 for the first time in more than a month.
- If the move is sustained, the market may develop a major bullish run with the initial focus on $12,500 (the highest level of 2020) and $12,927 (the highest level of 2019).
- The $12,000 level was a strong psychological level and the last real resistance point before $13,000.
Bitcoin is currently trading at $12,020 after breaking the critical psychological level of $12,000 for the first time since September 1. Bulls have been in full control of the daily chart since the initial breakout above $11,000, mostly fueled by the purchases of big amounts of BTC from multi-billionaire companies like Stone Ridge.
Bitcoin bulls eying up $13,000
The flagship cryptocurrency needs to close above $12,000 in the next few hours to fully confirm the breakout. Several indicators and on-chain metrics show there is almost no resistance to the upside, well until $13,500.
BTC/USD 1-hour chart
Bitcoin is well above the 50-SMA, 100-SMA, and the 200-SMA on the 1-hour chart. The RSI is overextended but will most likely not pose a threat to the bulls considering the massive buying pressure. The MACD turned bullish again around six hours ago and it's gaining strength.
BTC IOMAP Chart
The In/Out of the Money Around Price chart shows practically no resistance to the upside compared to the massive amount of support. It seems that even at $13,807, bulls will face no real hurdles. The support area between $11,277 and $11,644 is a robust support area with a volume of 1.36 million BTC.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
