It’s a good Saturday for Bitcoin (BTC) which finally seems to have enough strength to resume its rally. BTC is already attacking the first area of short-term resistance ahead of the $ 19,000. Institutionalists continue to support BTC, a support that annoys Mr Gold, a die-hard Bitcoin detractor.
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A beginning of recovery?
Bitcoin records an intraday growth of 3.5%, which represents an amount of 646 USD; the BTC is trading at $ 18,711 today, December 12, 2020, as of this writing.
Although the daily RSI (14) gained 4 points in 24 hours, it is still in a neutral zone. The bulls have yet to regain control of the markets on a daily basis.
The BTC is currently absorbing half of the losses from the December 8, 2020 red candlestick, which dropped it below $ 19,000.
Bitcoin had subsequently shown signs of weakness, with forays below $ 18,000, raising fears of a breakout that could lead to the BTC at lower levels.
Bitcoin this “fake new gold”: first resistance of the whales
Data from Whalemap show that whale clusters at the $ 18,600 level are the main resistance level complicating the bull run towards the $ 19,000 in the short term.
Bitcoin must now cross $ 18,600 – $ 18,800 in order to resume the bullish rally.
While institutional investors with Grayscale in mind, are to support the ascent of Bitcoin, Peter Schiff tackles what he calls the latest “marketing gimmick” to promote the BTC.
Schiff tweeted yesterday, December 11, 2020, denying that public or private companies are selling their gold to buy Bitcoin.
According to him, Bitcoin is not the “new gold”, although he does not deny the fact that these companies may acquire BTC.
Source : Image via Twitter
With the support of institutions, can Bitcoin really suffer a crash that would bring it down to the level of 13,000 USD, as some analysts fear? Can BTC start next week above $ 19,000? The corrections of the last few days were described as healthy by some observers. The markets would therefore have had time to decompress. Ready for another race and to put the markets “under stress”, overbought?
Litecoin, welcome in the Silver Age