Bitcoin bulls are back after weeks of consolidation. The leading cryptocurrency thrust higher towards $12,000 on Tuesday morning. The <span class=”wpg-tooltip-term-title”>Coin</span></h3><div class=”wpg-tooltip-content”>A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class=”wpg-read-more”><a href=”https://www.newsbtc.com/dictionary/coin/”>» Read more</a><p></div>”>coin now trades just shy of that crucial price resistance at $11,970.
The cryptocurrency is expected to move higher in the days ahead as macro trends favor Bitcoin bulls.
Bitcoin’s rally comes as altcoins have suffered a retracement, with most dropping a few percent across the board as a weird market dynamic emerges where altcoins seriously underperform BTC.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Bitcoin Surges to $12,000
Bitcoin is poised to tap $12,000 as bulls renewed their buying pressure heading into Tuesday morning. The cryptocurrency is currently up 2% in the past 24 hours, having traded as high as $11,800 yesterday.
Chart of bTC's price action voer the past few weeks. Source: BTCUSD from TradingView.com
Analysts think that Bitcoin’s recent price action is a precursor to a further move higher.
One trader noted that the open interest of BTC futures suggests that the <span class=”wpg-tooltip-term-title”>Coin</span></h3><div class=”wpg-tooltip-content”>A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology