In the last hour the price of Bitcoin (BTC) crossed the $ 11,800 resistance and eventually broke back above $ 12,000.
Daily cryptocurrency market price chart. Source: Coin360
The upward trend came after a relatively calm week-end;; Altcoins such as Chainlink (LINK) and Band Protocol (BAND) were in the limelight with double-digit daily increases.
As mentioned by Rakesh Upadhyay, a Cointelegraph employee, The Bitcoin price had consolidated to a pennant in the course of the day, so that many traders expected an increase to USD 12,000.
“BTC / USD has formed a pennant that usually serves as a continuation pattern. A breakout and close (UTC time) above the pennant is the first sign that the bulls are gaining ground. The target for such a breakout is $ 14,756. With the overhead resistance near $ 12,304.37, traders can wait for the price to move above this level before turning positive. “
Now that the price has passed the $ 12,000 mark, The bulls need to provide enough volume to bring a fresh daily high above the August 2nd high of $ 12,122.
Daily bitcoin price chart. Source: Coin360
When the price of bitcoin surged above $ 12,000, Altcoins saw a slight decline, particularly BAND and Chainlink, which took heavy double-digit losses.
The LINK price fell 10%but it has since bounced back to trade above $ 13. BAND was corrected by 31.34% When the price fell to $ 12.19, but as of press time, the altcoin is trading at $ 16.
Cardano (ADA) also fell 2.39% trade at USD 0.145.
According to CoinMarketCap The total market cap for cryptocurrencies is $ 364 billion. Bitcoin’s dominance index is currently 60.9%.