Within the last hour Bitcoin (BTC) price pushed through the $11,800 resistance and finally made its way back above $12,000.

Crypto market daily price chart

Crypto marketplace daily cost chart. Source: Coin360

The sharp upside move came after a relatively quite weekly close equally altcoins like Chainlink (LINK) and Band Protocol (BAND) had been basking in the spotlight with daily double digit-gains.

As mentioned before past Cointelegraph correspondent Rakesh Upadhyay, Bitcoin price had been consolidating into a pennant on the daily timeframe, thus a breakout to $12K was expected past many traders.

Upadhyay said:

"The BTC/USD pair has formed a pennant, which usually acts as a continuation design. A breakout and close (UTC time) above the pennant volition exist the first sign that bulls have gained the upper mitt. The target objective of such a breakout is $xiv,756. Even so, as the overhead resistance of $12,304.37 is close by, traders can wait for the price to sustain in a higher place this level before turning positive."

At present that the price has rallied through the $12K mark, bulls volition need to provide plenty volume to button to a new daily high above the Baronial 2 high at $12,122.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

As Bitcoin price surged to a higher place $12,000, altcoins took a slight pummeling, especially BAND and Chainlink which saw sharp double-digit losses.

LINK price dropped past 10% only has since recovered to merchandise above $13. Band corrected by 31.34% as the cost plummeted to $12.19 merely at the time of writing the altcoin trades for $16.

Cardano (ADA) besides pulled back slightly, dropping by two.39% to trade $0.145.

According to CoinMarketCap, the overall cryptocurrency market cap at present stands at $364 billion. Bitcoin's dominance alphabetize currently at threescore.nine%.

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