- BTC price was finally able to breach the $10k mark recently.
- The coin managed to breach its next resistance at $11k, as well.
- It continued pushing up, only to hit a resistance at $12k, which caused correction to $11,000.
The last few weeks have resulted in a massive increase in Bitcoin price. The coin finally managed to breach the resistance level at $10k that has been holding it back for months. Along the way, it caused quite a market rally that took numerous altcoins with it.
BTC hits $12k
As many likely remember, Bitcoin has been stuck below $10k mark for months. The coin also saw a great reduction in volatility, and it spent a lot of time just fluctuating between $9,100 and $9,500. When it would wonder beyond these levels for a bit, it would often head up towards $10k, only to be pushed back.
This finally started changing around July 21st, when the coin slowly started to climb up, eventually reaching the $10k mark without much difficulty on July 26th.
From there, the coin saw a strong surge which took it to its next resistance at $11,000. While this level proved to be quite challenging, and it held BTC down for a while, it was eventually breached, as well.
$11,000 became Bitcoin’s new strong support, and while the coin remained rather close to it ever since, it did have one trip up which took it all the way to its resistance at $12k.
BTC price rejected
This is the first time that BTC has gone so high up this year, but even so, the coin still suffered a small penalty. Its price was rejected upon reaching this level, and the correction took it back down.
Fortunately, the support at $11,000 appears to be strong enough to hold it and prevent further drops. Now, many believe that the coin is gathering strength to continue pushing up, which is why they decided to buy Bitcoin before it happens. In fact, a lot of people in the crypto industry believe that breaching $11k was the beginning of the bull run that has been expected ever since the crypto winter had ended in early 2019.
Conclusion
Bitcoin price saw strong performance recently, and while it was rejected during its most recent attempt to surge further up, it may still gather enough strength to keep pushing.