Bitcoin price forecast: bulls` inexorable push to $ 12,000

BTC bulls are doubling their gains aiming to raise it up to $ 11,000, with a further step above 11,800, and whales are increasing their holdings in anticipation of a new rally.

The upward trend has momentum

The daily chart of BTC / USD

A broader view of the currently developing uptrend suggests that BTC may soon break above 11K, but first the resistance at 11,800 should drop. Meanwhile, the relative strength index (RSI) almost crosses the midline. In other words, optimism regarding BTC seems to be growing. If this indicator remains in the overbought area, the optimistic mood will be fixed. In addition, trading above the 50-day SMA will provide a boost for the cryptocurrency.

Analyzing the other side of the picture

BTC / USD weekly chart

However, bulls should make sure that the price remains above the support of the uptrend line. Otherwise, a break below this level may encourage sellers to double their positions. The divergence of the moving average convergence (MACD) already shows that sellers can change the situation. The indicator not only stopped in recovery, but also the emerging bearish divergence indicates that sellers ‘ positions are growing.

Bitcoin on-chain analysis

Bitcoin iomap chart

Based on IOMAP metrics, there are only 17,370 “with money”addresses. This means that the initial support between $10,756 and $10,766 is not strong enough to hold Bitcoin if a break above $ 11,000 is delayed. The asset will be forced to seek refuge in the range of $ 10,756 to $ 10,447.

The increase in new addresses

Chart of new BTC addresses

According to Santiment, a leading online data analysis platform, whales that own between 1,000 and 10,000 coins have been actively buying them in large volumes since September 8, usually in a certain direction. In this case, Bitcoin’s potential for growth increases as whales add more coins to their holdings.

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