Cryptocurrencies
Bitcoin’s Pause May Serve as Consolidation Before Push Higher
- Bitcoin surged above $12,000 but quickly retreated this week
- Trading Envelope gauge suggests the token could appreciate
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Bitcoin’s surge over the past week got a lot of hearts pumping. Now technical indicators suggest enthusiasts could see it make another major move higher soon.
Based on its recent price trend, Bitcoin appears to be consolidating before its next jump, which could take it back to $12,000, a resistance level dating back to last August. In addition, the coin is in overbought territory, according to its 14-day Relative Strength Index (RSI), which measures the magnitude and persistence of price movement.