Price Analysis

Bitcoin Crosses Above $11k After 5-Week of Downside Correction

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Bitcoin (BTC) happens to be the talk of the investors’ town as it crossed above $11k just towards the closing of yesterday’s trading session and spurred to a short height of $11.5k, just around the time of writing. While Bitcoin holds a lot of power, BTC’s recent price action is just too good to be accurate, and the loyalists and lovers do not have it enough.

BTC is a clear and straight investment without the intervention of Government, Central Banks, and Corporations. In this regard, Bitcoin has lured the attention of many institutional investors and corporates too. The massive corporates are just holding the right investment of the year, and as put on the papers, there are at least 513,542 BTC holdings at present on corporate balance sheets.

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The current holdings by these multinationals have both positive and negative effects with regard to liquidity, store of value, amplified investments in digital assets, etc. However, if the investment is made thoroughly and strategically can lead to handsome returns in the long-term. The total amount of investment in Bitcoin, if done thoughtfully, can lead to eliminating risk and increasing savings invested in the foremost crypto.

The price dynamics at present have led to a bullish crossover after a notable 5-week consolidation below $11k. In this regard, the social media insights have raised as the BTC price resorted to trading above $11k after a month of a downward correction. As per LunarCrush, there are a total of 774,479 mentions leading to 4,081 social contributions and 38.8% social dominance and 2,385,171,203 engagements 204,673 shared links.

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BTC/USD Chart By TradingView

At the time of penning down this analysis, Bitcoin was seen trading at $11.3k and is clearly drawing a V-shape pattern that shows that BTC/USD should is likely to complete the pattern and hit $14k before the end of the year. On the above 6-day chart, BTC is holding complete support from MA50 & MA200 at $9.2k & $7.7k, respectively. The Bollinger Bands do not show any trading extremities on the 6-day chart, and the MACD draws a slight bearish crossover due to BTC’s lack of momentum to cross above $12k. However, the intraday price spike above $11k is clearly shown on the RSI chart as it remains inclined towards the overbought region at 60.10.

Bitcoin Price News

It was before the closing of the day, yesterday when Bitcoin price crossed above $11k and clearly breached the 5-week resistance. On this hourly chart, the price trend of BTC/USD is already breaching the upper BB, and as they widen, the price is likely to experience bullish volatility as per the current momentum.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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