New Swing Above $12,000 level if Bitcoin Bulls Gather Momentum

A bipartisan group of 20 lawmakers have requested new rules of Bitcoin.  There was a recent downside correction in the price of the Bitcoin where the price went below $11,200 and $11,000 versus the USD.

The BTC/USD price went below $10,800 level; however, it recovered well later on.  A close above $11,000 provides for a decent move upward. Substantial gains are expected in the forthcoming season, and the price of Bitcoin might easily breakdown below $11,800 and $12,000 levels to continue higher further.  In the absence of an upside break, the price of the Bitcoin might correct lower further down to $11,500 and $11,400.

If the bulls gather momentum, there can be a new swing above $12,000 level.  The hourly MACD is gaining pace in the bullish zone.  The RSI for the BTC/USD is above the 50 levels with a positive angle.  Major support levels are seen at $11,400 and $11,200.  Major resistance levels are at $11,600, $11,700 and $12,000.

A recent crypto conference has revealed that Bitcoin was getting to be more of a fun.  Masses of cryptocurrency investors who were witnessing the price of the Bitcoin go upward were disappointed from about nearly six months ago.

Arthur Hayes, CEO of Bitmex, stated, “Bitcoin is fun, but it’s a hell of a lot more fun at 100 times leverage.”

Charlie Lee, creator of Litecoin, when speaking on the panel, stated, “It’ll bring more people into space.”

Nouriel Roubini detracted the entire conversation by saying, “There’s massive, massive amounts of price manipulation.” He also stated that there was a lack of scalability and security when talking about his concerns about the industry.

At the Hayes conference, he stated, “People love to speculate, we’re trying to allow them to do it in a safe manner.”

The volatility is back, and this has, in turn, revived the excitement around crypto trading.  While Bitcoin is fun, it is more fun when there is 100 times leverage made available.  Arthur Hayes opined that people are willing to see volatility in the cryptocurrency industry and concluded stating that at the end of the day, we are witnessing entertainment in the business of cryptocurrency trading.

A reference also was made to the ICO, which has lost favor after several tokens lost nearly 90% of their value.  Most of the conference discussed the Launch of Libra and how it will trigger mainstream interest in the cryptocurrency.

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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