The $ 12,000 Bitcoin price rally could give a boost to a bigger movement

Over the past week, bitcoin has stalled at around $ 11,000 after facing a firm bounce at $ 12,000. The pressure of sellers in this area in the past few days has proved irresistible

Bitcoin data show an imminent increase in value

Investors have turned their attention to smaller altcoins, which have shown huge profits over the past few days. However, the BTC consolidation may be coming to an end, according to derivatives data indicating that the royal coin may soon move higher.

At the time of writing, BTC is being traded at a price of $ 11,979, which marks a significant increase above the critical support level of 11,500.

Further BTC trends partially depend on whether buyers can close the candle above the $ 12K level today.

Well known cryptanalyst TeddyCleps spoke about this level in a recent tweet:

“Now you know what I meant when I said 11,700 is a vital level for BTC. It was difficult to break.”

If BTC reports a close above 12K, the momentum it gets from reaching this level could push prices up.