- Bitcoin and Bitcoin Gold lead crypto market recovery with formidable gains on Wednesday.
- With technical, levels remain intact or improving, BTC/USD correction to $14,000 is imminent.
Bitcoin is among the biggest single-digit daily gainer on the crypto market on Wednesday. Bitcoin Gold (BTG) is leading with gains above 6% among the top twenty digital assets. Bitcoin has appreciated in value adding 3.71% on the day. BTC/USD opened the session at $12,570 and corrected to highs around $13,155 and is currently holding ground at $13,035.
As Bitcoin extends the gains reviving the momentum above $13,000, Ripple’s price remains vulnerable to losses under $0.4. XRP/USD is exchanging hands at $0.3943 with the upside immediately capped at $0.4.
BTC/USD 15-mins chart
Bitcoin, on the other hand, continues to pump towards the recent 2019 high. The recent drop under $10,000 had worried investors especially as some analysts predicted a decline to $8,500. However, awoke Bitcoin bulls pulled the price back into a bullish zone between $11,000 and $12,000. The price consolidated within the $1,000 range for several days before a breakout occurred on Monday bursting its way above $12,000.
Looking at the 15-mins chart, BTC/USD is trading above a rising trendline which on several instances has helped mitigate the volatility swings to the south. The break above $13,000 during the Asian trading hours today has brought $14,000 back in focus.
Meanwhile, Bitcoin is trading at $13,069 at press time amid a growing bullish momentum. With technical, levels remain intact or improving, correction to $14,000 is imminent. Besides, the Relative Strength Index (RSI) is pointing upwards after finding balance above 50. The strengthening momentum is also supported by the Moving Average Convergence Divergence, currently on the positive at +85.
Bitcoin Key Technical Indicators
Key Support Areas: $13,000, $12,500, $12,000 and $11,000 – $11,250.
Critical Hurdles: $13,250, $13,800 and $14,000.
100 SMA 15-mins: Below the price and could offer support above $12,500.
MACD: Comfortably on the positive side; ranging movement suggest BTC sideways trading.
RSI: Return into the overbought to strengthen bullish momentum.
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