Breakout or fakeout? Top traders react to Bitcoin price rally to $12K

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Within the past few hours, Bitcoin (BTC) price rose to $11,988 before pulling back to hover around the $11,900 level. The price is on the cusp of breaking above $12,000, and some analysts have suggested that the dominant cryptocurrency is in the process of decoupling from the rest of the market, including U.S. equities.

The general sentiment around Bitcoin among analysts and traders remains positive and multiple on-chain analysts say that Bitcoin has been behaving like a safe-haven asset.

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Technical analysis suggests that first the $12,000 resistance level needs to be flipped to support and previous price action around this level suggests that it will be hard for BTC to surpass it cleanly in its first retest.

The daily chart of Bitcoin. Source: TradingView.com