Bitcoin Price Lingers Under $11,900, Is A New Bull Run Underway?

The Bitcoin price lingers under $11,900 for the past two days despite the major injection of $6 billion that entered into the global crypto market over the same time so should we expect a bull run soon? We are learning more about it in the latest Bitcoin news today.

Over the past hour, there was a sudden surge in buying pressure which helped the price to hit the psychological $12,000 resistance level for the first time in less than a week. The bulls led the price higher to $12,125 which was recorded as the 2020 high since the start of August. The key level succeeded to defeat the bullish BTC traders on two occasions during the first week of August. Will it be a third time including the $12,100 level?

Right now, the Bitcoin price lingers above the median line of the rising channel and this level overlaps with the first major resistance area between $12,000 and $12,070. Breaking over the level will secure new reliable support for BTC as the bulls will try to close to a new year-to-date high of $12,100. Looking at the Fibonacci extension levels on the charts we can see that there’s an initial breakout of the 0.618 level and if this area is surpassed during the first uptrend, the first major test for the bulls will be set at 0.786 fib extension level which overlaps with the upper resistance channel.

There’s a lot of selling pressure at this level but if BTC manages to break over it, it will show that the bull market will come along. Looking back at the daily closes, there’s only one area that shows real resistance in the past year which is the $12,400 level. Looking back at the 2018 candles, we can see the $12,800 is a key level during the first month of the year. The short-term supports if the trend reverses is the median line and then the channel support by the 100 EMA.

Only two days ago, Bitcoin challenged the $12,000 level but to no avail so far while Ethereum continues climbing towards $440. The macrodata confirms the ongoing bull trend as most of the top 100 digital assets have been in the green over the past three months. The attempt seemed solid and BTC came knocking on the $12,000 door. Over the long bull run, the asset saw three failed attempts to overcome the particular psychological level.