New 2020 Bitcoin Price High at $12,000 Proves Bulls Remain in Control

 

After securing a strong daily close, Bitcoin (BTC) price continued to press higher by cruising to $12,000 within the last hour.

Crypto market daily price chart. Source: Coin360

Breaking through the $11,500-$11,800 range was the bulls most significant achievement of the last week and a number of analysts have noted that above the $12,000 level there is little overhead resistance.

This has led some traders to forecast a swift move to the $14,000-$15,000 level.

In a previous analysis, Cointelegraph contributor Micheal van de Poppe said that:

“The $11,500-11,800 resistance area is an ancient and substantial area on the charts. Not only did this level serve as resistance throughout the summer of 2019, but it also acted as resistance during the peak mania of December 2017.”

Bitcoin daily price chart. Source: Coin360

Bitcoin daily price chart. Source: Coin360

This most recent move to $12,000 broke through this ‘ancient’ range and according to van de Poppe once “the price of Bitcoin breaks through this zone, then there is a lot…


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