A bitcoin price rally to $ 12,000 is meaningless until the bulls flip it over in support


On Tuesday, the Bitcoin (BTC) bulls gathered enough strength to push BTC price slightly above the $ 12,000 mark, a level not seen since September 1.

Snapshot of daily market performance in cryptocurrency. Source: Coin360

The move came after the high volume spiked to $ 11,822 on Monday (October 19), followed by another buy through Tuesday, which gave the bulls enough momentum to push through the ascending channel to $ 12,038.

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BTC futures volume after exchange. Source: Digital asset data

The rally to USD 12,000 was also accompanied by increasing volumes on the top Bitcoin futures exchanges Monday through Tuesday. Earlier this week, Cointelegraph reported that the latest CME commitment report from traders shows that institutional long positions have hit record highs.

Traditional markets took a hit earlier in the week as investors feared a stalemate between Democrats and Republican lawmakers in Congress would prevent the passage of a second round of economic incentives to ease financial pressures on small businesses and Americans looking for a second stimulus test.

Fortunately, the Dow, S&P 500 and Nasdaq ended the day with marginal gains at the close of the market today.

Notably, the Dow closed 100 points after Nancy Pelosi, spokeswoman for the US House of Representatives, said she was “optomistic” about a deal between Congress and the White House.