Bitcoin price should break $12K resistance to run the next bullish rally

Bitcoin’s price has been repeatedly testing the key resistance level of $12 000. Unfortunately, it is constantly changes the direction on higher price marks, and the recent decline by $700 makes bulls nervous.

BTC should stop consolidation to move further

Over the last two days the traditional markets have been giving consolidating signals. Gold and silver have also corrected their value. The same tendency is reflected on crypto market as well. The BTC price value reached $11 000 on August, 11th, and this is a sign of a slight correction in result of profit fixation.

Any sharp decrease with that large volumes would be a threat for bullish impulse. But the wider crypto market including DeFi does not suppose this to be unavoidable. BTC price has quickly reached $11200 and is now trading above this level — at about $11 742 that means bulls are in control of the situation.