Bitcoin (BTC) rate breaks major resistance, testing the $ 12,000

Bitcoin (BTC) rate breaks major resistance, testing the $ 12,000

Use of Bitcoin (BTC) network is approaching all-time high

On BitzArena yesterday it could be read that bitcoin (BTC) managed to get above $ 11,000. However, there was another major obstacle on the road: the $ 11,500. It took a while, but the bulls finally succeeded.

At the time of writing, the price of bitcoin (BTC) is $ 11,742 according to CoinMarketCap after the rate has risen 3.8% in the last 24 hours. Bitcoin’s market capitalization has thus increased further and is now at $ 210 billion.

The rest of the cryptomarket still shows volatile figures. The biggest riser at the moment is litecoin (LTC) which, with a value of $ 124.55, is about 2.22% in the plus. The total market capitalization stands at $ 333.8 billion, increasing bitcoin dominance to 62.9%. This level was last seen in March 2017.

After bitcoin managed to break a falling trend channel on July 2, the price rose again above the 100 Moving Average (MA) line and the resistance to $ 11,000. However, the $ 11,500 turned out to offer strong resistance.

Yesterday, during the day, bitcoin romped with this price level. In total, the rate tested this resistance twice, but twice it bounced off again. Exactly at midnight, however, it worked.

In a rapid movement, bitcoin exceeded $ 11,500 and the 200-MA. A local peak was formed at $ 12,064, after which the rate fell back slightly. However, the rate remained above 100 and 200 MA.

BTC eventually found support at $ 11,600. Bitcoin is now lightly on the rise again. The next resistance is $ 12,000, which it tried to break through a few hours ago.

If the price drops, support may be at $ 11,500, where the 200-MA is currently located. Further down, the rate may find support at $ 11,000 where the 100-MA is located.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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