Cryptoassets are back in the green after the correction from yesterday’s gains found balance. Bitcoin, for instance, is up over 2% on the day following the correction from the lows at $11,209 (on Coinbase). As discussed severally before, the declines from June highs embraced the support at $9,000.
The buyers took advantage of the lower price to increase their positions. As a result, Bitcoin launched an assault on higher levels above $10,000. Besides, the break out of the descending channel saw the bull’s confidence in the price shoot up. In turn, Bitcoin got a mega boost past $11,000 and the recent break breach above $12,000.
While the bulls had eyes on $13,000, diminishing buying power led to the formation of a high at $12,318. Moreover, lack of support at $12,000 saw the bears push Bitcoin under $11,500 support. At press time, a shallow recovery has revived the upward trend above the trendline. Bitcoin is exchanging hands at $11,723 but the main focus is on $12,000.