In today’s sessions, BTC prices have seen a slight uptrend after dipping to lows of $10,800 in Sunday trading. The bulls are now pushing against the $11,400 mark, and it does appear that further upside is imminent.
The ongoing uptrend that has driven BTC to $11,177 during press time is largely being fuelled by inflows of buying pressure that helps reduce the resistance established in the lower $11,000 region.
From a macro perspective, the most recent signals indicate that BTC may continue its uptrend in the coming sessions.
Is the $12K Level Imminent?
Analysts now believe that the latest surge could mark the start of the next uptrend, which could send BTC prices to $12K.
However, this price move depends on the flagship cryptocurrency breaking above $11,400 in the coming sessions.
Kelvin Koh, a partner at The Spartan Group and former partner at Goldman Sachs, explained that should BTC manage to break the resistance at $11.4K, traders can expect to witness prices moving above $12K in no time.
The bullish sentiment has been echoed by Benjamin Blunts, a prominent analyst and trader who predicted that the bitcoin price would bottom at $3,200 in 2018. He noted via a tweet:
“$btc consolidating above a pretty key breakout level. Price contracting, volume declining, seems bullish, continuation soon.”
BTC Prices on Ethereum-Tailing Behavior
The notion that Bitcoin could see significant gains soon was reinforced by Josh Rager, a prominent market analyst in the crypto sphere.
He noted that Bitcoin is almost mirroring the recent price moves of Ethereum, which broke out of its consolidation range yesterday and rose by over 6% from the point of the breakout.
Rager noticed that BTC is currently in a similar triangle-like range, prompting him to share the chart below.
This trend suggests that the leading cryptocurrency could break above the pattern just like ETH did, and attempt a close above $12K.