(Bloomberg) — After weeks of muted trading, Bitcoin could be poised for the latest breakout and a possible breach of a key fitness level, technical signs show.
With the weekend, the biggest cryptocurrency bounced off the cheaper Trading Envelope band, a shift which suggest it is likely to retest $12,000. The measure tends to clean moving averages to map out higher and lower limits.
Additionally, the GTI Global Strength Indicator shows the coin has entered a new purchasing phenomena and is not in overbought territory, portending further profits.
Some crypto fans are actually betting that interest out of institutional investors may help transport Bitcoin higher. Fidelity Investments launched its very first Bitcoin fund last week. jpmorgan Chase & Co. similarly made an investment in ConsenSys while selling its blockchain model Quorum to the software company for an undisclosed amount.