Bitcoin Needs Weekly Close Above Tough $12K Hurdle to Restart Price Rally

View Bitcoin's bull run from April lows near $4,100 seems to have stalled, with buyers repeatedly failing to keep gains above $12,000 in the last six weeks.

A high-volume weekly close above $12,000 is needed to revive the bull market.

Bitcoin needs to break above stiff resistance at $12,000 to unleash the next phase of the bull market, which began from lows near $4,100 on April 1.

The cryptocurrency did not find sustained acceptance above $12,000 in either the last week of June or the first two weeks of July.

The repeated failure to close above $12,000 indicates a weakening of bull momentum and has established the psychological level as the resistance to beat for the bulls.

A high-volume weekly close above $12,000 is needed to signal a continuation of the rally from April lows near $4,100 and open the doors to resistances at $15,000 and $17,235.

The cryptocurrency failed to close above the upper edge of the falling channel on the daily chart and created a candle with a long upper shadow - another sign of buyer exhaustion above $12,000.

A close above $12,060 today would confirm a bull flag breakout on the 3-day chart.

If confirmed, a breakout would potentially open the doors to fresh record highs above $20,000.

That said, a weekly close above $12,000 would be a stronger confirmation of the revival of the bull market.