RATE Group | Bitcoin Needs Weekly Close Above Tough $12K Hurdle to Restart Price Rally
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Bitcoin Needs Weekly Close Above Tough $12K Hurdle to Restart Price Rally

07 Aug Bitcoin Needs Weekly Close Above Tough $12K Hurdle to Restart Price Rally

Posted at 13:03h in Bitcoin News by

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  • Bitcoin’s bull run from April lows near $4,100 seems to have stalled, with buyers repeatedly failing to keep gains above $12,000 in the last six weeks.
  • A high-volume weekly close (Sunday, UTC) above $12,000 is needed to revive the bull market.
  • A bullish weekly close may remain elusive if the cryptocurrency finds acceptance below $11,200 in the next day or two. That could pave way for a drop to $10,500.

Bitcoin needs to break above stiff resistance at $12,000 to unleash the next phase of the bull market, which began from lows near $4,100 on April 1.

The top cryptocurrency by market value is currently trading at $11,527 on Bitstamp, having fallen back from a one-month high of $12,325 yesterday.

This isn’t the first time BTC has failed to hold on to gains above $12,000. The cryptocurrency jumped to a high of $13,880 on June 26 only to fall back below $12,000 on the following day. Similar price action was seen in the following two weeks. Notably, prices rose to…

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