Bitcoin (BTC) has continued to gain momentum today, with its price passing the $11,500 mark. The top 20 cryptos by market capitalization are seeing mixed results on the day, with most gains and losses around 3%.

For the first time in 21-days, this worldโ€™s largest cryptocurrency by total value end its bearish breakdowns and, at the time of writing, kept rising by 8.29% to $11,559.34. The market capitalization exceeded $200 billion as well.

The BTC price stagnated and was retested on August 4 in the $10,600 level. After its last sell-off, came long-awaited break above $11,000. The long-term outlook goes now in the bullsโ€™ favour because the daily close constructed a large bullish immersing candle and now weโ€™re waiting for the next daily resistance at $11,400 and $11,600.

Nevertheless, the movement of BTC inside the limits of Bollinger Bands and higher than the 21-day moving average at the moment is ready to assist any additional pushes to previous disinclinations seen at $12,500, $12,700 and $12,900. However, given todayโ€™s route that is pretty much possible as the relative strength index (RSI) moves above level 60 on the daily chart. Next supports to be aware of are $9,000, $8,800 and $8,600.

Be it as it may, Morgan Creek Digital co-founder Anthony Pompliano says โ€œthe party is just getting startedโ€. In the times before, Pompliano has been describing the trend towards loose monetary policy combined with Bitcoinโ€™s upcoming halving event as the โ€œperfect stormโ€ for the rise of the digital asset. Heย explained:

โ€œWhenever we get to a recessive period or kind of slowing growth, central banks have kind of two tools: They can cut interest rates, which they did yesterday, and they can print money (quantitative easing).

And so, when they do both of those things, it usually takes anywhere between 6 to 18 months to feel the effect of those tools, and what itโ€™s going to do is itโ€™s going to coincide with the Bitcoin halving.โ€

With him agrees Bitcoin bull Max Keiser who believes that the digital asset will eventually replace gold as a safe-haven investment and beat the returns of all asset classes.

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