The BTC/USD pair is now flashing some immense signals of fresh rally as it pushes up towards its yearly highs of $11,700. This comes as ETH, the largest altcoin, and many other major altcoins also build technical strength.
This current BTC price action is being driven by massive inflows of buying pressure that are helping to break the resistance established throughout the mid-$11,000 zone. Some analysts are of the view that this could mark the beginning of the next leg up, which could propel the BTC price to $12,000 or beyond.
One prominent fund manager claims this potential BTC rally could devastate altcoins. He believes a move towards $12,000 is highly possible if BTC clearly breaks above $11,400 in the coming sessions.
However, BTC’s recent price movement has been following ETH uptrends and therefore it’s likely ETH may be immune to any type of BTC-induces downtrend.
At press time, BTC is trading up over 4% at its current price of $11, 690. This marks a significant surge from daily lows of $11,116 that were set yesterday when bears attempted to invalidate BTC’s uptrend. The strong support that bulls were able to build around these lows helped to absorb the selling pressure and subsequently propelled the coin higher.
BTC is struggling to break above its key resistance within the mid-$11,000 region, which may be difficult for bulls to surmount in the near-term. Speaking about this, one analyst posted a chart on Twitter showing that BTC is breaking out of a bull flag.
If BTC is able to clear this resistance, it is likely to break into the sub-$12,000 region before facing another influx of selling pressure that slows its uptrend.
However, one factor to consider that could have implications for BTC is the massive influx of buyers that have been backing this ongoing upward movement. How the flagship crypto trades in the coming hours should provide valuable insight into where it will trend in the coming days and weeks.