Cryptocurrency
Bitcoin Volatility Surges Amid Flirtation With $12,000 Threshold
As reported on Bloomberg, “One of the most alluring aspects of Bitcoin to traders and speculators is back: Volatility. “Price swings by the largest cryptocurrency have reached the highest level in about a year in the past few weeks as the digital asset trades around $12,000. Bitcoin crashed almost $500 in a matter of minutes […]
As reported on Bloomberg, “One of the most alluring aspects of Bitcoin to traders and speculators is back: Volatility.
“Price swings by the largest cryptocurrency have reached the highest level in about a year in the past few weeks as the digital asset trades around $12,000. Bitcoin crashed almost $500 in a matter of minutes this morning after reaching that level, only to begin testing that high again.
“Bitcoin’s surge presents a bullish development on a technical basis, with its 14-day Relative Strength Index above 70. Assets are considered overbought if the RSI exceeds that level.
“‘It looks like it wants to test its 2019 highs of $13,800 before it sees a meaningful correction to work off this overbought condition,’ said Matt Maley, chief market strategist at Miller Tabak + Co.
“Other analysts have set their sights even higher, eyeing Bitcoin’s all-time high of about $20,000 in late 2017 as the main milestone to beat…”