Bitcoin’s bullish behaviour bolstered as it rallies to $13,000

Bitcoin’s recent bullish behaviour leading it to surpass a key price resistance once more could ultimately lead to a retest of recent highs above the $13,800 level.

The world’s top cryptocurrency by market capitalization reached a UTC close above $12,061 on Monday, refuting low bearish patterns seen on July 4 as per data from Bitstamp.

Furthermore, in light of Monday’s close, BTC has bolstered the bullish behaviour put forward in the healthy dip demand below $10,000 as seen just a week ago.

Bitcoin Market Dominance

Notably, BTC’s most recent breakout appears to be sustainable. This is due to its dominance rate (Bitcoin’s % of the market compared to other cryptos) which has climbed to 64%, marking its highest level since April 2017 as per data from CoinMarketCap.

This rise in price, coupled with the surge in dominance rate is a clear indication that investors are dumping new funds into the bitcoin market. These new funds are being injected for the long term and not just as a means to purchase other cheap altcoins.

Simply put, the rise in dominance factors towards the fresh upward trend in trading prices. Experts believe that this could open up new avenues towards another increase toward the recent stellar high of $13,800.

Yesterday saw Bitcoin gaining impressive bullish momentum when it managed to break the $13,000 level, coming close to another bullish target at $13,200.

Bitcoin achieved a new weekly high when it surged to around $13,152. On the downside, BTC has support areas near both the $12,800 and $12,600 levels.

Should a downside break occur below the $12,600 and $12,500 support levels, the price could revisit the $12,200 support level.

At the time of writing, BTC is trading at $12,861.12 as per data from CoinMarketCap. This break above $12,700 could further reinforce the bull hold and provide a rally to levels above $13,000.