Search ForexCrunch
  • Bitcoin has a clear path to $12,000 after bringing down barriers at $11,400 and $11,500.
  • BTC/USD is in the hands of the buyers as confidence in the bullish market mounts.

Bitcoin is finally in the much-awaited bull market after breaking above a couple of key barriers at $11,200 and $11,400 to kick start the month of August in style and in the green. The largest cryptocurrency is pulling the rest of the crypto market upwards with assets such as Ethereum surging over 3% on the day.

An intraday high has been formed at $11,661 but BTC/USD is trading at $11,631. The dominating trend is bullish. However, low volatility means that price action will not as rapid as investors would expect. What is apparent is that Bitcoin has a clear path to $12,000.

Looking at the technical picture, we can tell that Bitcoin is the hands of the bulls and they are not relenting in pushing the throttle forward. It is okay to say that Bitcoin has reached the threshold and is ready to hit the takeoff speed.

The RSI has stayed in the overbought region for more than a week which emphasizes the strong bullish grip. The MACD, similarly, reinforces the buyers’ influence over the price. There is, however, a need to overcome the resistance at $11,800. This would increase confidence in the bullish market further rocketing Bitcoin to $12,000.

BTC/USD daily chart

BTC/USD price chart