Bitcoin price dropped to $12,000 after breaking through key resistance zone.

Bitcoin price has reached $12,000 for the second time in a month, but will it hold?

In the last hour the Bitcoin price (BTC) has overcome the resistance of $1,800 and finally returned above $12,000.

The sharp rise came after a relatively week-long close, as alto-locks like Chainlink ( LINK ) and Band Protocol ( BAND ) were in the spotlight with double-digit daily gains.

Decline said:

“The BTC/USD pair formed a pennant, which usually acts as a continuation pattern. A break through and close (world time coordinated) above the pennant will be the first sign that the bulls have taken over. The target goal of such a breakthrough is $14,756. However, as the overhead resistance of $12,304.37 is close, traders can wait for the price to hold above that level before it becomes positive.

Now that it’s up to $12,000, the bulls will need to provide enough volume to push it to a new daily high above its August 2 high of $12,122.

When the bitcoin price exceeded $12,000, the altokuins suffered a slight drop, especially BAND and Chainlink, which suffered sharp double-digit losses.

The LINK price fell by 10% but has since recovered to above $13. BAND corrected by 31.34% as the price fell to $12.19 but at the time of writing altok is trading at $16.

Cardano ( ADA ) also slightly declined, falling 2.39% to $0.145.

According to the CoinMarketCap, the total capitalization of the cryptovolta market now stands at $364 billion. The Bitcoin Dominance Index currently stands at 60.9%.

Bitcoin Price Daily chart