In the past few weeks, Bitcoin has experienced renewed growth that I believe was caused by a shift in public opinion, the regulatory concerns that haunted BTC back in January are over and interest in the space both for retail and institutional investors seems to have improved.
In the short term I if BTC can keep above the range of 8700-9000 it could still follow the upwards short-term trend, this week rise to 9700 showed the number of buyers that are back in this market, if price doesn´t break the current support level it it will be a huge trigger for buyers that know that the next stop whether BTC breaks it or not is 11500.
Today´s correction was very much needed to scrape the oversold out of the RSI and to bring us closer to the 50 days moving average, if we fail to hold support I don´t think there a dramatic sell-off will occur, I believe it will hold in past resistance.
In the short term I if BTC can keep above the range of 8700-9000 it could still follow the upwards short-term trend, this week rise to 9700 showed the number of buyers that are back in this market, if price doesn´t break the current support level it it will be a huge trigger for buyers that know that the next stop whether BTC breaks it or not is 11500.
Today´s correction was very much needed to scrape the oversold out of the RSI and to bring us closer to the 50 days moving average, if we fail to hold support I don´t think there a dramatic sell-off will occur, I believe it will hold in past resistance.
