If Bitcoin price can reclaim $12,000, chances of a higher high in 2020 will become a lot more likely

Bitcoin price is experiencing a surge of intraday volatility, rocketing $150 in minutes then collapsing more than $250 just moments later. Here’s what is going on in the top-ranked cryptocurrency and what to watch for as price action to develops.

Bearish Bitcoin price chart pattern points to a retest of $11,000, will it hold?

Bitcoin’s notorious volatility is back after a short-lived phase of tranquility. Explosive price action this week following a bullish breakout of a downtrend line on the heels of Square news sent the cryptocurrency well above $11,000 and kept climbing.

Bulls rejected after false descending triangle breakout | Source: TradingView

Resistance above $11,750 proved too strong to penetrate and the leading crypto asset by market cap fell lower, where a triangle began to form. This morning, a false breakout of the upper trendline baited bulls into a fierce rejection, resulting in a sharp drop of $250 lower.

Zooming out further, shows the descending triangle breaking down with a potential target of $11,000.

Descending Triangle Bearish Breakdown in Progress | Source: TradingView

Bears have a chance of pushing Bitcoin back down toward $10,000 if bulls cannot defend the key support level. However, if the crypto asset can reclaim $12,000, chances of a higher high in 2020 will become a lot more likely.

The current price level is a pivotal range where whichever way breaks, could set the trend for the rest of the year and into 2021.

Bitcoin hash rate hits a record high of 144 EH/s as miners are putting high-powered ASICs to work

According to CoinMetrics, the Bitcoin hash rate ramped up to a fresh new record of 144 EH/s on October 14. It has now surpassed the previous lifetime high of 143.1 EH/s that was recorded last month. The new record means that Bitcoin reached its peak level of security, given that it is now more challenging to carry out a 51% attack that could allow malicious actors to take control of the network.

The soaring hash rate is making Bitcoin mining more competitive, which subsequently results in increasing the reward cut.

You can see the BTC price here.