BTC/USD Ascending Triangle Breakout Propels BTC Close $13k

• BTC/USD zoomed above $12,000 grinding closer to $13,000.
• Technical indicators show that the buyers do have an upper hand as BTC rebounds from support.

Bitcoin recovered significantly from last week’s low at $9,669, although the upside was capped at $12,000. A correction from this level had Bitcoin dive under $11,000 before finding support at $10,755. There was consolidation in a range between $11,500 and $11,000 for a few days before the bulls revived the trend yesterday.

For two days in a row Bitcoin has posted gains with the latest break above the rising triangle BTC/USD zoomed above $12,000 grinding closer to $13,000. A high has, however, been formed at $12,838 resulting in a retracement to the support around $12,500.

Meanwhile, Bitcoin is trading at $12,600 amid a growing bullish momentum. Technical indicators show that the buyers do have an upper hand. The Moving Average Convergence Divergence is still sloping gradually upwards signaling growing buying power. The Relative Strength Index (RSI) is re-entering the overbought further encouraging the buyers to increase their positions and push Bitcoin above $13,000.

BTC/USD 1-h chart

Image sourced from Pixabay