Bitcoin Price Forecast: BTC/USD Eyes $14,000 But First $12,000 Must Be Conquered
- 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.
Related reading: Bitcoin Supply In Profit Hits 1-Year High As BTC Tries To Breach $12K
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 breather 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.
Read more: Bitcoin Price Prediction: BTC/USD Bearish Pennant Pattern Threatened Massive Breakdown To $10,400
Bitcoin Intraday Levels
Spot rate: $11,757
Percentage change: 0.53%
Relative change: 62.10
Trend: Bullish
Volatility: High
To get the daily price analysis, Follow us on TradingView
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige Published at Mon, 10 Aug 2020 02:03:05 +0000
