Bitcoin (BTC) rate continues and has the $ 13,000 in sight, potential correction lurking

Bitcoin (BTC) rate continues and has the $ 13,000 in sight, potential correction lurking

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After bitcoin (BTC) already rose sharply yesterday, the cryptocurrency rose considerably during the night. This brings BTC above $ 12,000 but now finds it strong resistance, close to $ 13,000.

At the time of writing, the price of bitcoin (BTC) is $ 12,548 according to CoinMarketCap. With an increase of almost 9%, Bitcoin is the largest climber of the top 10 cryptocurrencies. After bitcoin, bitcoin cash (BCH) with a rise of 3.7% is the second largest riser.

Bitcoin’s market capitalization comes to $ 226 billion after the recent increases. Total market capitalization has also increased slightly, which now stands at $ 352.9 billion. As a result of the altcoins still lagging somewhat behind, bitcoin dominance continues to rise to a percentage of 64.1%, a level that was last seen in April 2017.

After bitcoin broke out of a symmetrical triangle on June 8, the rate rose rapidly to the resistance at $ 12,000. The exchange rate there consolidated for most of the day yesterday. On the hourly graph the rate formed a so-called bullish flag , a sign for possible further increases.

And this indeed proved to be correct. Around 9pm yesterday evening, bitcoin started to rise again. This time BTC managed to reach $ 12,400, where it again resisted. Not long after, however, the cryptocurrency made another major leap.

Bitcoin arrived at $ 12,800. At this price level, the price also found resistance earlier. At breakthrough the $ 13,000 is in sight, but the relative strength index (RSI) currently indicates a value of 75, which signals overbought conditions. On the basis of this indicator, bitcoin should logically first have to consolidate for a while, or correct downwards before further increases can take place.

If the price does indeed start to correct, the next support will be around $ 12,400. Below that the price could find support at $ 12,000.

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About Viktor Sokolov 88 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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