Bitcoin is growing higher in a rising short-term channel when the bulls recover.
Bitcoin bulls seem to get back on their feet when the price has formed higher and higher highs in a new rising channel. A rebounded support has just occurred, so the price could point to the channel above $ 6,700.
The 100 SMA is above the 200 long-term SMA to indicate that the path of least resistance is on the upside. In other words, the upward trend is more likely to resume rather than reverse. The gap between the moving averages is also widening to reflect the strengthening of the bullish momentum. In addition, the 200 SMA aligns with channel support to increase its strength as a plan, and recently held the most recent dive
RSI is moving so the bitcoin price could follow the example while buyers they have the upper hand. Stochastic also has room to rise before reaching the overbought levels, but seems to be on top and moving sideways. A return in selling pressure could be seen once it starts south, and bitcoin could follow the example. In this case, another support test or even a break may occur.
Bitcoin seems to have shaken off previous negative developments and focused on positive updates, as well as on longer-term demand. Note that it is reported that Morgan Stanley and Citigroup are trying to offer cryptographic products to their customers, obscuring previous news of the temporary suspension of the SEC on Bitcoin Tracker One and Ethereum Tracker One.
With that, it was a positive start to the week and many hope that the rallies can bear more fruit this time. Further updates on institutional interest could keep prices afloat and even lead to longer-term ceilings.
Renewed attention to regulation, on the other hand, in particular the chances of obtaining an approval of the SEC for the remaining bitcoin ETF applications could