Bitcoin price is trading above a couple of important supports near $11,800 against the US Dollar.
The price could rally sharply if there is a successful close above the $12,000 resistance.
There was a break above a major contracting triangle with resistance near $11,860 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is showing positive signs, suggesting high chances of an upside break above the $12,000 level.
Bitcoin price is struggling to clear the 12K Lins against the US Dollar. However, BTC price could climb higher as long as it is above the $11,500 support.