Bitcoin finally breached its two-week-long struggle to regain the $12k sentimental level a few hours ago. Data from TradingView shows Bitcoin went as high as $12,457, gaining as much as 4.45% before pulling back and settling at the current 3.99% to trade at $12,303.
The latest candles on Bitcoin’s weekly charts indicate a continued bullish trend that could land Bitcoin at the $13,200 level. Despite several rejections, technical as well as fundamental analysts remain long term bullish on Bitcoin.
$12K Is the Last Major Resistance Level for Bitcoin
According to top Analyst David Puell, Bitcoin took its time to consolidate and break above both the $11700 and $11800 levels and this upswing represents the last great resistance before the top coin goes parabolic.
Puell added that the 12K level is critical as it represents the point of breaking even for 2019 Bitcoin buyers who entered the market at its highest price.
“Two actors at play: top buyers at 12k-14k reaching their breakeven price, and current buyers active after the first higher high in over a year.”
Both founders at Morgan Creek and adept Bitcoin supporters, Anthony Pompliano and Jason Williams agree that Bitcoin is ready to take off.
“#Bitcoin threw a huge green candle up to 12357.85-is this the start of a trip to the moon? We think so!”
According to Pomp, Bitcoin is up 73% since the start of the year and is already triggering one of the largest wealth transfers in history. If Wall Street misses the train, he thinks they’ll be left wallowing in the ruins of fiat currency.
“Bitcoin year-to-date is now over 73%. Wall Street better wake up before they miss one of the greatest wealth transfers in history.”
Interestingly, LTC is the biggest gainer among the top ten altcoins with a 4.1% increase in 24 hours at $66.7, followed by XRP’s 1. 69% at $0.31.
Ethereum, which has a higher year-to-date than Bitcoin has gained only 1% to trade at $431 in 24 hours, although its weekly charts indicate more bullish movement, concurrent with Bitcoin.
Meanwhile, LINK is down 15.24% in the last 24 hours and lagging at $16.83, after failing to maintain its breakout above the $20 mark, leaving many experts wondering whether its impressive rally is finally over.
As much as the recent developments both in the traditional and crypto market support the bullish sentiment on Bitcoin, liquidation at this level or higher will likely determine how long Bitcoin will consolidate above the $12k support level.