Bitcoin Hits 17-Month High Above $12.9k

Bitcoin rose above $12,900 for the first time in over 17 months backed by consistent levels of volume.

Recent price action could set scope for $13,700 in the coming day on the back of strong bullish momentum.

Bitcoin has risen above $12,900 for the first time since Jan. 21, 2018, touching a new high for 2019 at $12,919, according to CoinDesk's BPI data.

On June 26 at 03:00 UTC, Bitcoin broke out from a bullish pattern, rising in quick succession above $12,000 on strong momentum and high volatility.

As of press time, the price has dropped back to above $12,500.

The last time bitcoin changed hands above $12,000 in January 2018, prices were on the way down, amid the beginnings of a down trending bear market.

As can be seen above, prices broke from an ascending triangle on June 25 at 21:00 UTC backed by consistent levels of growing volume, legitimizing the move on its rise northward.

A secondary ascending triangle breakout brought prices well above $12,000 and continues to eye off $13,100 in the immediate short-term, as per Fibonacci Extension theory.

The weekly chart also reveals some interesting insights, detailing key levels of support and resistance at $11,500 and $13,700 respectively, whereby a close above or below those levels would dictate the direction of the trend for either a continuation or a pullback in its price.

There has been a strong backing of weekly volume since the new year began, with the exception given to March, that saw below-average volume traded over the month.