Bitcoin Eyes Independence Day Price Gains for Fifth Year Running

View Bitcoin could rise above $12,000 with the daily chart reporting a bullish reversal.

Bitcoin looks set to close in the green on U.S. Independence Day for the fifth consecutive year, having recovered nearly 25 percent from recent lows.

BTC's Independence Day performance in the years prior to 2015 is mixed.

Prices saw little change in 2012, rose 3.16 percent in 2013 and suffered a 2.63 percent loss in 2014.

All-in-all, bitcoin, considered by some observers as an anti-establishment asset, has put on a good show on the U.S. Independence Day in five out of the last seven years.

As of writing, BTC is changing hands at $11,600, representing 4 percent gains on a 24-hour basis, having hit a high of $12,061 earlier today.

BTC jumped 4 percent in 60 minutes late on Wednesday, confirming an upside break of the symmetrical triangle - a bullish continuation pattern - on the hourly chart.

While the momentum has cooled somewhat in the last 10 hours, the minor price pullback seems to have taken the shape of a bull flag - a pause that often restarts with upwards momentum.

The probability of BTC posting daily gains with a UTC close above today's opening price of $12,061 would drop if the price finds acceptance below $11,385 - the low of yesterday's high-volume bullish candle.

BTC rose 10.5 percent on Wednesday, marking a strong follow-through to the dip demand highlighted by the preceding day's bullish hammer candle.