Will Bitcoin Break $12,000? 4 Things to Know Heading Into the Weekend

This week, the Bitcoin and cryptocurrency market roared into Monday like a lion only to end the week more like a lamb.

Going into the weekend, let's take a look at the major developments that have shaped the past week and what can be expected for the price of Bitcoin during the weekend.

Bitcoin yet to clear $12K hurdleBitcoin price tested its year-to-date high, briefly surging past $12,000 only to fall back down into the same mid-$11,000 range it has been stuck in for the better part of the past couple weeks.

Moving over the $12,000 hurdle was always seen as the key to Bitcoin retesting all-time highs.

Heading into the week, Bitcoin made a run at the $12K key psychological barrier.

Despite leveraged interest, the lack of follow-through resulted in Bitcoin falling back below it.

Gas prices skyrocketAlongside the technical price rejection, it is worth noting that Ethereum transaction fees began to creep ever so higher and over the subsequent day, the rise was such that transaction fees reached $6.04 on Wednesday night, the highest since 2015.Ethereum network fees.

Strong dip-buying interest was subsequently confirmed over the following days when the initial unwind of bullish price expectations in the options market, as seen by the evolution of Bitcoin and Ethereum front-end options skew, was gradually retraced.

Despite the harsh lesson and reminder of the high risks that are involved, the market staged a strong recovery.

Bitcoin was able to gradually recover into the $11,500 zone, but the total value locked on DeFi tracked near record highs.