Bitcoin's 200-day moving average has broken out, a bullish sign. The MACD is also showing a bullish divergence, indicating a potential uptrend. As the price tests the $12,000 level, traders should be cautious of a potential pullback. A break above $12,500 could trigger a broader rally, while a drop below $11,500 could lead to a retracement.

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Great technical analysis! The breakdown of the 200-day MA and bullish MACD divergence do suggest a shift towards a more favorable price action. For now, staying disciplined around $12,000-$12,500 seems prudent, as breakout or breakdown here could be key.