Bitcoin’s violation of recent bearish lower highs with a move above $12,061 has opened the doors for a retest of $13,880.
Prices reinforced the bull breakout with a successful defense of the former resistance-turned-support of $12,061 soon before press time.
Bitcoin’s dominance rate has spiked to 27-month highs, backing the uptrend in prices.
A high-volume UTC close below $12,000 would abort the bullish view.
Bitcoin’s break above a key price hurdle looks to have set the tone for a retest of recent highs above $13,800.
The top cryptocurrency bu market cap printed a UTC close above $12,061 on Monday, invalidating a bearish lower highs pattern created on July 4, according to Bitstamp data.
Further, with Monday’s close, BTC cemented the bullish view put forward by the strong dip demand below $10,000 observed a week ago.
More importantly, the latest breakout looks sustainable, as bitcoin’s dominance rate (percentage of the market in relation to other cryptocurrencies) has ticked up to 64 percent, the highest level since April 2017, according to data source CoinMarketCap.