Bitcoin (BTC) back above $12k - what's next?

08 Jul, 2019
by David Robb
Price Action
Bitcoin (BTC) back above $12k - what's next?

A surge in the past hour so has seen Bitcoin (BTC) break above the $12,000 mark again. Clearing this important psychological barrier could lead to more positive price action to come.

The last time BTC was trading above the $12,000 level was on July 4, when it briefly broke past it before retracing significantly below $11k, and on June 30 before that.

This latest rally appears to have been caused by a small number of major buys. A spike from around $11.4k to $11.9k happened in under 10 minutes about 10 hours ago, and then another spike saw the price move from $11.9k to $12.2k in a similar time frame. 

BTCUSD chart by TradingView

Traders are now discussing what could happen next for the top crypto. In recent days, many have been predicting another retracement to levels as low as $8k, but general sentiment seems to be more positive now. Most believe that a close above $12.5k would be very bullish in the short-term, with $14k next, or even a new ATH price. Abacus Journal pointed out that the availability of BTC futures has recently become one of the most important factors in influencing its price action.

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