Bitcoin (BTC) Price Surges 12%: Bulls Aim $13K or $13.2K

Aayush Jindal

1 year ago

2 mins read

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There was a strong rise in bitcoin price above the $12,000 resistance level against the US Dollar.
The price broke the last swing high and traded to a new weekly high above $12,700.
Yesterday’s highlighted crucial contracting triangle was breached with resistance near $11,520 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The bulls are currently in control and it seems like they are eyeing $13,000 or even $13,200.

Bitcoin price climbed higher sharply above $12,000 and $12,500 against the US Dollar. BTC is currently showing positive signs and it could even test the $13,000 resistance.

Bitcoin Price Analysis

Yesterday, we saw a few positive moves in bitcoin price above the $11,000 level against the US Dollar. The BTC/USD pair traded steadily above the $11,200 pivot level and the 100 hourly simple moving average. Moreover, there were range moves before the price started a strong upward move above the $11,500 resistance level. Once there was a close above the $11,500 level, the climbed more than 12% in the past three sessions.

Moreover, yesterday’s highlighted crucial contracting triangle was breached with resistance near $11,520 on the hourly chart of the BTC/USD pair. It set the tone for a fresh rally above the $12,000 resistance level. The pair even broke the $12,500 resistance and traded close to the $12,800 level. A new weekly high was formed near $12,788 and the price is currently consolidating gains.

An initial support is near the $12,600 level plus the 23.6% Fib retracement level of the recent rally from the $11,810 low to $12,788 high. On the downside, there are many important supports near the $12,500 level. If there are more losses, the $12,250 level may act as a strong support. It coincides with the 50% Fib retracement level of the recent rally from the $11,810 low to $12,788 high.

On the upside, an initial resistance is near the $12,800 level. If there is an upside break, the price is likely to climb further above the $13,000 level. The next major resistance for the bulls is near the $13,200 level.

Looking at the chart, bitcoin price is clearly trading with a strong bullish bias above the $12,200 and $12,500 support levels. Therefore, there are high chances of more upsides above the $13,000 level in the coming sessions. Any decline from the current levels might find a strong support near $12,600 or $12,250.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the extreme overbought levels.

Major Support Levels – $12,600 followed by $12,250.

Major Resistance Levels – $11,500, $11,600 and $12,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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