Bitcoin is back above the $12,000 mark after it broke through what has been a high resistance level to date.
Taking a closer look at the BTC over the last few weeks as the price has continued to edge higher and higher. We would need to head back to the start of the year to understand how far the price has restored its strength. After struggling with the $10,000 for a long time, the price has finally started to make some ground up, and as it stands, BTC is up more than 100% since mid-March.
It can be seen that the price of Bitcoin is now closely linked to other risk-on type assets such as US equities. At the same time, there is an overall opinion that suggests Bitcoin is also an inflation hedge paired with GOLD, and this buying interest is investors looking for some safety in that manner.
Nonetheless, the technical patterns have been pointing to a break higher for some time, and as it can be seen on the charts, the price has been making a series of higher lows up.
Interestingly, however, it was ETH that leads the charge higher in traders’ eyes. Price regained that $400 level and has been forcing Bitcoin to higher grounds.
XRP was strong on the session, but as yet hasn’t reclaimed the higher. On the other side, there is LTC which is through and making a similar sort of pattern.
Bitcoin going above the $12,000 level is a convincing territory now. Bitcoin clearly sees some buying demand, and since the halving takes place this year can be seen, that is another good sign.
Can Bitcoin reclaim the highs of the previous year? It’s not for sure. But with the resurgence in risk assets, Bitcoin is not looking bad above $12,000.
