Bitcoin amazed crypto investors with the recent rapid rally which was followed by a correctional decline towards $12,000.
Bitcoin is currently climbing higher after breaking above $12,000. The price is heading for $13,000, but a retracement is expected along the way. As testament to the volatility and nature of crypto markets, Bitcoin defied them all. The move came in three stages over the past 24 hours. First, a lift from the $11,500 level to $11,800 where it stayed for a few hours, then the big break through $12,000. The next resistance level before another new high for the year is just below $13,000.
BTC is setting the tone in the crypto market. At the same time, altcoins are barely moving. BTC market share is approaching 67% according to recent estimates. Over $25 billion was added to crypto markets in a few past days and $22 billion of that was injected into Bitcoin alone. Most opponents of crypto investment are currently considering crypto investment to be one of reliable options of capital diversification. This shift in sentiment in favor of BTC helps the most popular cryptocurrency to maintain momentum.
From the technical viewpoint, the impulsive bearish momentum is currently being held by the dynamic support levels like 20 EMA, Tenkan, and Kijun line. Bitcoin is trading firmly above $12,000. It means that BTC has enough strength to extend a climb. MACD has shown bearish crossovers in the moving average while also forming Bearish Divergence. The price is currently expected to consolidate and correct at near $12,000 from where it is likely to jump higher towards $14,000 and later towards $15,000 area in the coming days.
TECHNICAL LEVELS:
SUPPORT – 11,000, 11,500, 12,000
RESISTANCE – 12,500, 13,000, 14,000
BIAS – BULLISH
MOMENTUM – NON-VOLATILE
