- The compelling break past $11,000 signaled for more buying entries pushing BTC towards $12,000.
- All technical indicators point towards a strong positive picture.
Bitcoin dominance in the crypto market is soaring to higher levels around 67.6%. Besides that, the price is trading at new August highs. At press time, BTC/USD is flirting with $11,782 after a 7.2% boost on the day.
The magnificent correction from the lows close to $9,100 to levels towards $12,000 further cements the position of the bulls. Last week, Bitcoin struggled and succeeded with the resistance at $9,800, $10,000 and $10,500. The compelling break past $11,000 signaled for more buying entries launching the leading cryptocurrency towards the critical $12,000 level.
Following the high formed at $11,871, Bitcoin price corrected to the current market value, $11,766. All technical indicators point towards a strong positive picture. For instance, BTC/USD is above the moving averages as well as the ascending trendline.
The short-term 50 Simple Moving Average (SMA) 4-hour double-cross above the 100 SMA 4-hour casts light on the growing momentum. Higher consolidation is very likely in the event the price fails to break $12,000 hurdle.
Other indicators like the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are also sending bullish signals. The MACD divergence keeps rising despite the stalled recovery. In addition, the RSI is leveling within the overbought emphasizing the bulls’ presence on the market.
BTC/USD 4-hour chart