Bitcoin has rallied to a new 2020 trading high after the number one cryptocurrency easily broke through the $12,100 resistance level. If bulls fail to maintain price above the $12,400 level then the BTCUSD pair could start to correct lower as traders book profits. To the upside, continued gains above the $12,400 level could see the BTCUSD pair rallying towards the $13,500 resistance level.
The BTCUSD pair is only bullish while trading above the $12,100 level, key resistance is found at the $12,800 and the $13,000 levels.
If the BTCUSD pair trades below the $12,100 level, sellers may test the $11,600 and $11,100 levels.
