(Bloomberg) — After months of muted trading, Bitcoin could be poised for a new breakout and a potential breach of a critical fitness level, complex indicators show.
Over the weekend, the largest cryptocurrency bounced from the cheaper Trading Envelope band, a switch which recommend it is likely to retest $12,000. The level tends to clean moving averages to map out lower and higher limits.
Also, the GTI Global Strength Indicator shows the coin has entered a new buying direction and isn’t in overbought territory, portending further gains.
Some crypto fans are actually betting that attention from institutional investors may help haul Bitcoin higher. Fidelity Investments launched its first Bitcoin fund last week. Co. and jpmorgan Chase likewise made an investment in ConsenSys while offering its blockchain model Quorum to the software company for an undisclosed amount.