- Bitcoin finally breaks from $1,000 range bring $12,000 in sight again.
- Technical levels are positive suggesting further growth in the near term.
Bitcoin is leading the new week’s gains after rising 3.4% on the day. BTC/USD managed to stay above $11,000 over the weekend sessions. However, the upside remained capped below $11,750. Other major assets are beginning to following in the footsteps of Bitcoin with shallow gains on Monday. Ethereum is up 0.9% on the day while Litecoin is trading at $120 after gaining a subtle 0.3% on the day.
Following the bearish correction last week that saw Bitcoin descend to lows around $9,676, the price has sustained growth above a rising trendline as observed on the hourly chart. Initially there was consolidation with Bitcoin stuck between $10,750 and $11,750. The breakout today has extended the gains above the moving averages in an engulfing candlestick.
BTC/USD is trading at $11,848 at press time after reviving the hope of seeing it above $12,000 in the coming sessions. The Moving Average Convergence Divergence (MACD) is moving further up in the positive region. Its increasing divergence means that bulls are in control. Moreover, the Relative Strength Index (RSI) is brushing shoulder s with the overbought at 70. Further correction up will encourage buyers to increase their positions.
BTC/USD 1-h chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.