The Bitcoin markets are once again revitalized as price moved past a crucial resistance level near $12200. That said, we should not get too excited yet because today's candle still needs to close above $12200 before further upside can be expected.
We are likely to see some sideways action within the "new consolidation range" between $12200 - $13000 over the coming days ahead. So long as $12200 holds, we would expect buyers to move the price up to test the previous high of June 26 near $13700.
Now comes the catch -- if buyers fail to sustain a breakout from $13700, the market would likely succumb to a "Double Top Pullback", an extremely bearish trend reversal that could devastate the digital asset's recent parabolic phase.