In the last hour, the price of Bitcoin (BTC) passed the resistance of $ 11,800 and finally broke above $ 12,000 again.
Daily cryptocurrency market price chart. Source: Coin360
The bullish move came after a relatively quiet weekly close; altcoins like Chainlink (LINK) y Band Protocol (BAND) had been in the spotlight with double-digit daily earnings.
As previously mentioned by Cointelegraph contributor Rakesh Upadhyay, Bitcoin price had been consolidating into a pennant on the daily schedule, which is why many traders expected a rise to $ 12,000.
Upadhyay dijo:
“BTC / USD has formed a pennant, which usually acts as a continuation pattern. A breakout and close (UTC time) above the pennant will be the first sign that the bulls are gaining ground. The target for such a breakout is $ 14,756. However, as the overhead resistance at $ 12,304.37 is close, traders can wait for the price to sustain above this level before turning positive. ”
Now that the price has risen through the $ 12,000 mark, the bulls will need to provide enough volume to push a fresh daily high above the Aug. 2 high of $ 12,122. 
Daily Bitcoin price chart. Source: Coin360
When the price of Bitcoin rose above $ 12,000, altcoins posted a slight decline, especially BAND and Chainlink, which suffered heavy double-digit losses.
LINK price fell 10%, but it has since rallied to trade above $ 13. BAND was corrected by 31.34% when the price fell to $ 12.19, but as of press time, the altcoin is trading at $ 16.
Cardano (THERE IS) also fell 2.39% to trade at USD 0.145.
In accordance with CoinMarketCap, the total cryptocurrency market capitalization is $ 364 billion. He domain index of Bitcoin is currently 60.9%.
