Bitcoin (BTC) has been in a firm uptrend for the past several months and has only recently found itself caught in a period of consolidation after it failed to break above its recently established 2019 high at $13,800.<\/p>\n
BTC\u2019s upwards momentum has allowed it to incur strengthening technical formations, and analysts are now confident that it will soon surge past $13,800 and set fresh yearly highs.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up 5.7% at its current price<\/a> of $12,560 and is up significantly from its daily lows of $11,800 that were set yesterday.<\/p>\n While zooming out and looking at BTC over a one-month period, it becomes abundantly clear that it is in a firm uptrend, as it has surged from lows of $7,500 to highs of $13,800 in late-June, before entering a period of consolidation that has caused it to range between roughly $10k and $12k.<\/p>\n Bitcoin<\/a> has been able to break out of this aforementioned range, and is now nearing the $13,000 region, which remains an important region that will likely signal to the markets whether or not the crypto is ready to surge higher, or if it needs to consolidate further.<\/p>\n UB, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Bitcoin does face some resistance around $12,800 and may require a slight dip towards $12,000 before it incurs enough buying pressure to send it surging higher.<\/p>\n \u201c$BTC – Tapped strong resistance and reclaimed a key S & R. This would typically be a short signal but I would prefer to buy the dip around $12.1k – $12k. Makes sense for a rejection on the first attempt at $12.8k – nothing to be alarmed about,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> – Tapped strong resistance and reclaimed a key S & R. <\/p>\n This would typically be a short signal but I would prefer to buy the dip around $12.1k – $12k. <\/p>\n Makes sense for a rejection on the first attempt at $12.8k – nothing to be alarmed about. #Bitcoin<\/a> pic.twitter.com\/QFK7k0kJvE<\/a><\/p>\n — UB (@CryptoUB) July 9, 2019<\/a><\/p><\/blockquote>\n\n