Bitcoin Price Is On A Bull Run Heading Towards $ 12,000 As Weekly Close Approaches

• Bitcoin price is showing strong momentum towards $ 12,000 just 24 hours from the weekly closing

• Despite multiple rejections at the $ 12,000 mark, Bitcoin price continues to make higher lows and traders are buying during lows at underlying support levels

• Chainlink hit a new all-time high of $ 19.80 and Ether is struggling to break above $ 430

According Coinmarketcap, currently the market capitalization of Bitcoin is USD 218,989,713,050.

Capture of the daily performance of the cryptocurrency market. Source: Coin360

Usually the price of Bitcoin (BTC) during weekends is characterized by a low volume of operations, given that day traders take a break and the CME Bitcoin markets are closed.

Experienced traders also know that trade order books shrink over the weekend, providing opportune moments for Bitcoin’s clever whales exploit these gaps and swing the price through volatility.

This Saturday things are different, since The above-mentioned scenarios do not deter traders from giving the $ 12,000 mark a new boost.

If the current move to the key level fails, it would be the second time in a week And for some analysts multiple rejections at a key resistance level may be a bearish sign.

On the other hand, there are also an equal number of traders who will argue that multiple rejections of a key resistance level increase the chance of it being broken on future attempts.

Daily chart of the BTC / USDT pair. Source: TradingView

Some positives for the price of Bitcoin are: the daily chart continues to show a pattern of higher lows, the RSI is in bullish territory at 66, and traders show strong interest in buying at each downturnas evidenced by the increase in purchase volume on the daily time frame.

In the event that traders can To get a 4-hour close above $ 12,000, Bitcoin will have to chase a daily high above $ 12,068 and $ 12,123, then things will get quite interesting.

At the moment, we can see that Bitcoin price is simply compressing into a tighter range within the pennant and the fall from the lower trend line should be supported at the high volume VPVR node stretching from $ 11,730 to $ 11,500.

Normally a fall of such a pennant would warrant some concern but given the interest shown by buyers to acquire Bitcoin from March 12 to July 28, it looks like the bulls will eventually get away with turning $ 12,000 into short-term support.

Bitcoin daily price chart. Source: Coin360

As the price of Bitcoin struggled to retake the $ 12,000 level, the performance of altcoins has exhibited a mix of behaviors.

Chainlink (LINK) continues to lead the market, rising 12% to hit a new all-time high of $ 19.80. Ether (ETH) it seems to be losing momentum by falling 2.2% and fight to regain the $ 340 level.

In the meantime, EOS it eventually managed to overcome a key resistance to rise more than 18% and is currently trading at $ 3.75.

According CoinMarketCap, the overall cryptocurrency market capitalization now stands at $ 373.4 billion and the domain index of Bitcoin is currently at 58.8%.