(Bloomberg) — After weeks of muted trading, Bitcoin could be poised for a new breakout and a possible breach of a key level, specialized signals show.
Over the weekend, the largest cryptocurrency bounced off the cheaper Trading Envelope band, a move which recommend it’s likely to retest $12,000. The level tends to smooth moving averages to map out lower and higher restrictions.
Furthermore, the GTI Global Strength Indicator shows the coin has entered a new buying trend and is not in overbought territory, portending additional gains.
Some crypto fans are betting that interest out of institutional investors could help haul Bitcoin greater. Fidelity Investments launched its first Bitcoin fund previous week. jpmorgan Chase & Co. likewise designed an investment in ConsenSys while selling its blockchain model Quorum to the software company for an undisclosed amount.