What we assumed in the previous analysis came true, Bitcoin beat $ 12,000 and continues to grow.
In the last seven days, Bitcoin has faced only one attempt to reduce the price, but the 2nd support worked well and the price was not lower than $ 11,125 (binance). Subsequently, buyers accumulated purchases between $ 11K and $ 12K, and today the bulls suppressed price much higher, reaching as $ 12,455 (binance).
Bitcoin is currently boosted by great news and increased interest from institutional investors, we wrote about “MicroStrategy Incorporated bought 21,454 Bitcoins ($ 250 million) as part of New Investment Strategy“.
Technical analysis thinks:
- Current support at $11K
- Major resistance at a price area $ 13K / $ 13,500
- RSI 15M until 1W chart is overbought, probability of short-term price reduction
- If the bulls want to continue to grow they will have to build new support at $ 12K in the next 24 hours
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