In the early hours of Aug. 10, bitcoin rose above 12,000 USD for the second time this month. The price uptrend cheered the bitcoin community after an week while Defi project, band, and altcoins like LINK are witnessing double-figure profits.
According to Cointelegraph's personnel, Rakesh Upadhyay, the price of bitcoin against USD has formed a pennant, which represents a continuation pattern. Therefore, the breakout to 12,000 USD was anticipated by traders.
Following Rakesh's prediction, the target for a bull breakout is 14,756USD, but with a $12,304 resistance, traders have to wait for a while before reaching the objective.
Traders will now need to pump the volume to push the price above the August 2nd daily high of 12,122 USD.
While Bitcoin increased past $12000, altcoins experienced a slight downtrend with Cardano (ADA) dropping by 2.9%.
As it stands, the total market capitalization for cryptocurrencies is 364 billion USD, with bitcoin boasting of a 60.9% dominance.
Source: Cointelegraph
