- Just hours after the daily candle close, Bitcoin has begun to erupt higher.
- The cryptocurrency just minutes ago crossed above $12,000 for the first time since the flash crash on August 2nd.
- BTC bulls are believed to be in control after Bitcoin closed the weekly candle above the ever-important $11,500 level.
- Analysts think that Bitcoin will continue higher as long as $11,500 holds.
Bitcoin Surges Past $12,000
Just minutes ago, Bitcoin broke past $12,000 for the first time since the August 2nd flash crash. The cryptocurrency is now up 3% in the past 24 hours and around 2% during Monday’s trading session (thus far) alone.
Chart of BC's price action over the past few hours from TradingView.com
This rally may be led by spot markets. Bitcoin spot markets are not incurring a large discount to futures markets, which often lead when BTC rallies.
This can be further corroborated by BitMEX data, which indicates that only $7 million worth of shorts were liquidated during this spike higher. $7 million is a large sum, don’t get me wrong, but it’s small compared to prior liquidation events.
Bitcoin’s rally is actually going against the price performance of gold and silver, which is actually abnormal for the past few weeks. Since mid-July or so, BTC has been tracing the price action of gold almost to a T, resulting in the eruption past $10,000 at the turn of the month.
BTC’s Pivotal $11,500 Close
The rally comes shortly after Bitcoin closed last week’s price candle above the ever-important $11,500 level.
As reported by Bitcoinist previously, one trader remarked that bears have little hope if BTC breaks past $11,500. This was in reference to how the level acted as macro resistance in 2019, making it macro support now that BTC has crossed above it.
As the move just transpired, analysts are attempting to figure out what comes next for Bitcoin. Most remain bullish as the cryptocurrency continues to press higher as of this article’s writing.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Erupts Past $12,000: Here's What Analysts Think Comes Next
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