Bitcoin price (BTC/USD) strengthens position, but $12,000 remains elusive
According to industry website Coindesk, despite the rebound, Bitcoin might still experience significant price drops.
“The outlook, however, would only turn bullish once the bearish lower-highs pattern is invalidated with a move above $12,448. A breakout, if confirmed, could be followed by a rise to or above the recent high of $13,880,” the online publication wrote in a technical analysis piece published yesterday.
“Bitcoin could fall back to $9,600 if prices fail to hold above $10,830 in the next 24 hours, validating the bearish crossover of the 5- and 10-day moving averages,” Coindesk added.
However, the website also noted that the latest move forward had established strong support at $9,600.
In today’s trading, the Bitcoin price stood at $11,655.94, as of 12:31 BST. The digital currency has gained 3.1% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $207.4 billion, which represents 62.9% of the combined value of all digital currencies.
Featured image: Jaruwan Jaiyangyuen/Shutterstock.com
More Resources
The post Bitcoin price (BTC/USD) strengthens position, but $12,000 remains elusive appeared first on The Independent Republic.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!
Article comments