Analyst: A close above $12k may lead BTC to retest previous highs

08 Jul, 2019 | Updated: 08 Jul, 2019
by Will Heasman
Price Analysis
Analyst: A close above $12k may lead BTC to retest previous highs

While Bitcoin has yet again failed to surmount formidable resistance at $12k, analysts remain optimistic that this latest burst of momentum could lead Bitcoin to retest its previous highs.

As of writing Bitcoin (BTC) is trading at around $11,902, just $98 away from that stubborn $12k resistance:

BTC/USD Chart provided by Tradingview

Earlier today Bitcoin managed to break out from a wedge which ad been forming within the asset for the last few days. Many analysts supposed that BTC would perhaps breakdown but instead rocketed up from $11.4k all the way up to try and test $12k, ultimately it was rejected but this newfound momentum seems to have rejuvenated BTC in the eyes of analysts.

Satoshi Flipper was one of the first to note that BTC had broken out of the aforementioned wedge:

This move, according to Josh Rager, was responsible for catapulting BTC above weekly resistance around $11.6k. However, the analyst caveats that daily resistance still remains, and that only a break and weekly close above $12.3k would allow for BTC to retest previous highs.

Moon Overlord seemed to agree, posting that BTC needed to claim $12k in order to move higher:

However, one trader, known as BT was less optimistic for the short term, suggesting that BTC could end up trading between $11k-$12k for a while longer until it forms a strong enough base to continue higher:

Will BTC break 12k any time soon, or will we continue to move sideways? Let us know what you think in the comments below!

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