Bitcoin (available on Coinbase)’s recovery continued on Tuesday, following up on yesterday’s breakthrough above $11,000. The cryptocurrency traded above that level throughout the day, reaching a high of $11,666.

BTC Showing Upside

Not only has BTC managed to gradually restore its value over the past two weeks, it is also showing tremendous strength and upside for more growth. Bitcoin (available on Coinbase) is now on another uptrend looking to break above the $11,666 peak point, after which a move toward $12,000 is a possibility.

Bitcoin (available on Coinbase)’s recent price movements can also be attributed to an increase in demand in South Korea, a much-discussed crypto jurisdiction, which has announced that it will support “normal transactions” for cryptocurrencies. Another factor is lowered transaction fees.  

Furthermore, various nations around the world are softening their stance on Bitcoin (available on Coinbase), and more regulations could come into effect to mitiGate the risks associated with cryptocurrency.

Source: Tradingview

Right now, BTC is holding down a major support level at $11,360. The major resistance that needs to be tested is $11,800 before it could break through to $12,000. The moving averages show that Bitcoin (available on Coinbase)’s upward movement should continue in the following hours. The MACD indicator is also sending a weak bullish signal.

Looking at the Technical Indicators:

MACD — BTC is in a bullish zone
Major Resistance Level — $11,800
Major Support Level — $11,360

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.