Bitcoin has broken out above $12K for the third time this year after a slight consolidation where the bulls and bears seemed to have reached an impasse.
The signs of a breakout were present in early morning trading, where BTC showed some positive price action by breaking above $11,700 and $11,800 levels against the US Dollar.
BTC was then able to form a swing high near $11,987 before it gained a further 4% to break the $12K level and soar as high as $12,377 during press time.
$12K Is Bitcoin’s Last Great Resistance
Before today’s momentous surge, the world’s largest crypto faced multiple rejections at $12K that hindered its near-term outlook.
The most recent rejection at this crucial level occurred last night, sending prices as low as $11,700. Luckily, heavy buying pressure managed to prevent a further downside, giving the bulls to gain momentum and push the BTC price higher.
Today’s breakout above $12k is huge according to one analyst who sees that level as “the last major resistance” that has stopped BTC price from rallying toward $13K.
David Puell, former Head of Research at Adaptive Capital, says that $12K is vital because it is the point at which BTC buyers of the 2019 highs will break even.
Pointing to his chart above that shows the holding habits of BTC whales, Puell explained:
“Three levels of major buyouts are noticeble—two remain as major demand zones; one as a last major resistance.”
COMP Price May Push Higher
As we reported yesterday, COMP was one of the best performing DeFi projects of the past week. The token has continued to move higher in today’s sessions as it benefits from the recent Yam Finance launch.
The “yield farming” protocol that allows users to earn passive income by staking various DeFi tokens drove COMP to a yearly high of $231 last Wednesday.
Since that high, the 5th largest DeFi token on CoinMarketCap has endured a period of consolidation over the past few days, with the COMP price fluctuating between the $190 and $220 levels.
Despite the token dropping a further 6.5% in today’s trading to change hands at $187, analysts remain confident that COMP is poised to see an uptick very soon.
Prominent crypto analyst Cryptorangutang shared the chart below, showing COMP’s clean support-resistance flip. This indicator prompted him to project that COMP could easily rally by 25% in the near term.
Another crypto analyst supported the idea of an imminent upside for COMP by tweeting that the asset is set for a run at the highs if it can flip $217.
