The bulls continue their progression towards 12,000 USD; the race should continue for a few more days according to the technical indicators. Bitcoin (BTC) has convinced US companies that have converted a significant portion of their cash into BTC to protect themselves from inflation. Soon the turn of UK companies?
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5,000 miles from the coast of 12,000 USD
Bitcoin dropped back to the $ 11,250 level today, October 12, 2020, before hitting $ 11,600. The BTC was unable to break through that level and has initiated a downward correction which took it to $ 11,561 as of this writing.
Bitcoin crossed for the first time the 11,500 USD since its crash in September 2020.
The next few hours will see if the $ 11,400 line is strong enough as support and more importantly if the historic resistance area of $ 11,100 – $ 11,300 has now become major support.
Bitcoin continues to benefit from the positive effects of the massive purchase of Bitcoins by Square on Oct 8, 2020. The entry of new large investors creates positive sentiment in the markets, encouraging the bulls to run.
The daily RSI (14) now stands at 66: the market is dominated by buyers on a daily basis and the BTC still has room to progress before the theoretical 70, indicating a probable trend reversal.
The weekly and monthly RSI (14) have crossed the 60 mark, indicating a BTC in the bullish zone during these periods.
The Bank of England wants to disgust UK Bitcoin companies?
The governor of the Bank of England, Andrew Baley, criticized today Bitcoin indicating that the latter had no intrinsic value.
Baley expresses concern about the use of BTC as a means of payment. He therefore calls on investors to be cautious given the volatility of the BTC.
The Bank of England out the same criticisms formulated so many times against the BTC, perhaps to dissuade companies UK to follow the path of Square and of MicroStrategy ?
In any case, she is thinking about launching her own CDBC, which is as much denigrating today a major competitor like the BTC to better pass their Trojan horse in the future.
Will we get the 12,000 USD this week or will Bitcoin run aground a few miles near the coast? The weather is unpredictable in the markets, we are not immune to a storm.
Litecoin, welcome in the Silver Age