Bitcoin Price En-route to New 2020 High Once Bulls Break $11.8K Resistance

Bitcoin price perked up on August 5, rallying from $11,090 to $11,784 before briefly retracing to the $11,650 area as the daily close approached.

Currently the price trades near the $11,500 support after bulls were unable to tackle the $11,800 level.

Despite a pullback to lower support, Wednesday's 6.29% push through the $11,100 to $11,250 zone was much needed as the price had lingered below this level for about 3 days.

As the 4-hour chart shows, once above $11,450, traders were able to slice through the $150 gap on the volume profile visible range and pursue the completion of a W-bottom reversal pattern but failure to pierce $11,800 prevented this.

As reported by Cointelegraph earlier this week, the August 2 flash crash which saw Bitcoin price drop $1,500 in minutes and liquidate $1 billion did little to shake the bullish resolve of professional traders.

"Given the increased bullish sentiment, funding rates prior to the crash were at unsustainable levels as the funding rate for Bitcoin was hovering around 0.0721%. Furthermore, the imbalance for ETH was even worse as the funding rate was at 0.21%. However, post sell off, funding rates have stabilized despite still indicating a bullish tilt."

Altcoins also notched notable gains as Bitcoin spent a few days consolidating and a few managed double digit gains as BTC price broke out to $11,750.

Bancor rallied 26.50%, Zcash gained 7.99%, and Band Protocol surged higher with a 39.53% gain.

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $351.5 billion.

Bitcoin's dominance index currently at 61%.Keep track of top crypto markets in real time here.