Bitcoin price remains in the bullish hands with the path to $14,000 already curved out.
BTC/USD potential for gains above $12,000 in the near term mounts with gains supported by most of the technical levels.
Bitcoin has had a relatively impressive weekend session. The session was not ballistic like the one before it but it was great in the sense that Bitcoin sustained gains above the initial support at $11,500 as the bulls fought to bring down the hurdle at $12,000.
Meanwhile, BTC/USD is teetering at $11,756 amid a gradually building trend towards $12,000. The bullish case to levels above $12,000 is supported by various technical indicators including the RSI, the MACD, and the moving averages.
The Relative Strength Index (RSI) is holding tightly to the level at 70 following a steady rise from lows at 30 (seen in March mainly because of the crash caused by the COVID-19 pandemic across the market). The recovery following the crash remained steady but took a brea ther in May with the RSI stalling under 60. A minor reversal also took place but the RSI embraced support above the midline (50) as Bitcoin price held in consolidation for several weeks between $9,000 and $9,300.
BTC/USD weekly chart
The breakout in mid-July gave BTC a boost above $10,000. This left the bulls engaged and were unstoppable to the extent of testing the resistance at $12,145 (on Coinbase). With the RSI at 70 at the moment, Bitcoin seems to be nurturing the bullish case to $14,000.
The MACD supports the push by the bulls with its position in the positive region. A vividly visible divergence from the MACD (304) puts emphasis on the influence the bulls have over the price. Moreover, the gap formed by the 50 SMA above the 100 SMA in the weekly range clearly shows that the path of least resistance is upwards.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org