- Bitcoin price paces upwards, trading new 2020 highs above $13,000.
- BTC/USD bullish outlook has the potential to continue especially without a formidable hurdle ahead.
Bitcoin had a smooth sailing in the past few days, first bringing down the resistance at $11,800. The bullish momentum paced upwards, allowing the bulls to smash through the crucial $12,000 level as discussed on Wednesday. The bullish leg did not stop here, but soared to trade new yearly highs at $13,237.
Meanwhile a minor retreat has seen the flagship retreat under $13,000. BTC/USD is doddering at $12,900 amid a building bullish momentum. Looking at the Moving Average Convergence Divergence (MACD), buyers appear to be comfortably sitting in the cockpit, ready to push the throttle forward.
BTC/USD daily chart
A bullish divergence above the MACD shines a light on the massive influence bulls have on the. The Relative Strength Index (RSI) confirms the bullish narrative as it settles in the overbought area.
According to IntoTheBlock’s IOMAP model, Bitcoin has no substantial resistance that could seriously hamper movement beyond $13,000. However, the minor seller congestion in the region between $13,286 and $13,672 must come down, to bring gains to $14,000 into the picture. Here, nearly 120,000 addresses previously purchased almost 67,000 BTC.
Bitcoin IOMAP chart
Trending Stories
On the downside support gradually intensifies towards $11,000. On the other hand, the most robust anchor zone runs from $11,335 to $11,722. Here, approximately 2.5 million addresses previously purchased around 1.2 million BTC.
It is worth mentioning that overbought conditions tend so signal a potential reversal for a given asset. Therefore, it is essential that traders are aware of a possible retreat. Besides, bullish markets always have pulldowns.
Bitcoin Intraday Levels
Spot rate: $12,900
Relative change: 90
Percentage change: 0.72%
Trend: Bullish
Volume: High
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?