BTC Showing UpsideNot only has BTC managed to gradually restore its value over the past two weeks, it is also showing tremendous strength and upside for more growth. Bitcoin is now on another uptrend looking to break above the $11,666 peak point, after which a move toward $12,000 is a possibility. Bitcoin’s recent price movements can also be attributed to an increase in demand in South Korea, a much-discussed crypto jurisdiction, which has announced that it will support “normal transactions” for cryptocurrencies. Another factor is lowered transaction fees. Furthermore, various nations around the world are softening their stance on Bitcoin, and more regulations could come into effect to mitigate the risks associated with cryptocurrency.
Source: TradingviewRight now, BTC is holding down a major support level at $11,360. The major resistance that needs to be tested is $11,800 before it could break through to $12,000. The moving averages show that Bitcoin’s upward movement should continue in the following hours. The MACD indicator is also sending a weak bullish signal. Looking at the Technical Indicators:
- MACD — BTC is in a bullish zone
- Major Resistance Level — $11,800
- Major Support Level — $11,360