$12K Bitcoin price back on the table after BTC rallies above $11.4K

On Friday Bitcoin price finally managed to break above the symmetrical triangle where the price had been compressing for the last 30 days.

After holding the $11,000 level into the daily close, the price rallied to $11,448 on multiple high volume surges.

"If the price of Bitcoin breaks through the $11,100-$11,300 resistance zone, further bullishness can be expected towards $12,000. This makes the $11,100-$11,300 area is a critical zone for continuation."

Currently the price is holding above $11,400 and meeting resistance at $11,489 which is right at the top of the Sept. 3 candle which saw BTC drop 13% to $9,960.

This level aligns with the VPVR node extending from $11,400-$11,740, but if the bulls are able to push through this resistance cluster another run at the $12K mark is on the cards.

On the daily timeframe, the relative strength index has risen to 65, a bullish signal, and the MACD histogram clearly reflects the current bump in momentum.

As is always the case, day traders should keep a close eye on volume as the lack of it during the last 30-days is the primary reason for Bitcoin price being flat and pinned below $11,000.

Ether price also took a bullish turn, by piercing a key descending trendline to rally 3.08% to $378.Ether/USDT daily chart.

At the time of writing the top altcoin is encountering resistance at $375 where there is a high volume VPVR node extending from $376-$389. If bulls are able to maintain the current momentum and push through this resistance zone, Ether price could run to $419. As BTC and Ether rallied, the majority of altcoins followed suit with double-digit gains.

Cardano gained 10.19%, Chainlink added 11.4% and Aave rallied by 15%. According to CoinMarketCap, the overall cryptocurrency market cap now stands at $361.5 billion and Bitcoin's dominance index is currently at 58.4%.Keep track of top crypto markets in real time here.