Bitcoin [BTC] Price Analysis: Stable above $ 11,500, BTC flows from centralized exchanges
The price of Bitcoin is on fire. The world's most valuable digital asset isn't just attracting the attention of new-age investors according to a finding by J.P. Morgan and Chase, but the coin is tough.
After days of printing higher highs, last weekend's correction quickly reversed.
Bulls in control
At the time of writing this article, the price of Bitcoin remains stable above $ 11,500 and it looks likely to top $ 12,000 as bullish traders are targeting $ 14,000.
The path to this level is marked by minor obstacles and if buyers exceed this mark, the odds of BTC flying to $ 20,000 by the end of the year cannot be discounted.
This will be perfectly in sync with the analyst's projections. Often times, BTC prices tend to rise a few weeks before a halving event. However, it will take several months (18 to be precise) before new highs are reached.
In November 2017, BTC was trending close to spot rates, but it was only about two weeks before BTC doubled and printed new highs.
Unlike three years ago, the crypto market is more developed with more sophisticated market participants and laws that protect the investor.
BTC flows from centralized exchanges
The demand that awakens are recent fundamental events. As central banks decline, slashing interest rates to near zero and printing money at record highs, Bitcoin and safe-haven assets are the main beneficiaries.
Digital and censorship resistant, BTC has much better properties than physical gold. This may explain why, as J.P. Morgan and Chase, young investors prefer currency to gold, a competitive asset that institutions and governments have trusted over the years.
Perhaps reflecting the demand for Bitcoin, analysts note that the amount of BTC held on different exchanges decreased, indicating the preference of traders to hold and not settle.
Bitcoin price analysis
At the time of publication, Bitcoin's price is changing hands at $ 11,813, up six percent in the last week of trading, but still lagging behind ETH.
The arrangement of the candles on the daily chart suggests strength. It is noteworthy that BTC prices continue to climb, albeit with low trading volumes within the August 2 trading bar.
Bearish price action around this conspicuous bar will likely determine BTC's immediate term projection. Meanwhile, the bulls' failure to close above $ 12,000 and reverse the August 2 losses is bearish from an effort versus outcome standpoint.
In that case, aggressive traders can post orders in sync with the trend knowing that losses below $ 10,500 override this projection. The immediate target remains at $ 14,000.
Chart courtesy of Trading View
Disclaimer: Points of view and opinions expressed are those of the author. This is not investment advice. Do your research.
If you found this article interesting, here you can find more bitcoin news