Within the last hour Bitcoin (BTC) price pushed through the $11,800 resistance and finally made its way back above $12,000.
Crypto market daily price chart. Source: Coin360
The sharp upside move came after a relatively quite weekly close as altcoins like Chainlink (LINK) and Band Protocol (BAND) had been basking in the spotlight with daily double digit-gains.
As mentioned earlier by Cointelegraph contributor Rakesh Upadhyay, Bitcoin price had been consolidating into a pennant on the daily timeframe, thus a breakout to $12K was expected by many traders.
“The BTC/USD pair has formed a pennant, which usually acts as a continuation pattern. A breakout and close (UTC time) above the pennant will be the first sign that bulls have gained the upper hand. The target objective of such a breakout is $14,756. However, as the overhead resistance of $12,304.37 is close by, traders can wait for the price to sustain above this level before turning positive.”
Now that the price has rallied through the $12K mark, bulls will need to provide enough volume to push to a new daily high above the August 2 high at $12,122.
Bitcoin daily price chart. Source: Coin360
As Bitcoin price surged above $12,000, altcoins took a slight pummeling, especially BAND and Chainlink which saw sharp double-digit losses.
LINK price dropped by 10% but has since recovered to trade above $13. BAND corrected by 31.34% as the price plummeted to $12.19 but at the time of writing the altcoin trades for $16.
Cardano (ADA) also pulled back slightly, dropping by 2.39% to trade $0.145.
According to CoinMarketCap, the overall cryptocurrency market cap now stands at $364 billion. Bitcoin’s dominance index currently at 60.9%.