- Bitcoin seems ready to break above $12,000, which could propel its price towards $13,600.
- Ethereum made a new yearly high as investors turn bullish around the upcoming ETH 2.0 upgrade.
- XRP seems poised to enter a new uptrend, but everything depends on its ability to slice through $0.35.
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After Bitcoin crossed the $12,000 barrier, market enthusiasm has pulled Ethereum and XRP along for the ride. Although all data points to a further advance, these three cryptos still face critical supply barriers ahead of them.
Bitcoin Prepares for a Major Price Movement
The flagship cryptocurrency has endured a prolonged consolidation period that began on Aug. 2. While its price has made a series of higher lows since then, the $12,000 resistance level continued to reject Bitcoin from advancing further.
Such market behavior formed an ascending triangle on BTC’s 4-hour chart. A horizontal line can be drawn along with the swing highs while a rising trendline developed along with the swing lows.
A recent spike in the buying pressure behind the pioneer cryptocurrency allowed it to break above the overhead resistance. Now, it could see shoot up nearly 13% based on the ascending triangle formation.
This target is determined by measuring the distance between the two highest points of the triangle and adding it to the breakout point.
IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model adds credence to the bullish outlook. Based on this on-chain metric, Bitcoin sits on top of a massive supply barrier that may allow the uptrend to continue.
Approximately 1.33 million addresses had previously purchased nearly 1.14 million BTC between $11,430 and $11,800.
This critical area of interest may have the ability to absorb any downward pressure as holders within this price range would likely do anything to remain profitable. They might even buy more tokens to push prices to reach higher highs.