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Bitcoin managed to break above $10,000 area with a daily close allowing the bullish bias to dominate in the market. After the non-volatile bullish breakout, Bitcoin managed to sustain the bullish momentum but currently consolidating above $10,500.
Bitcoin reached a peak on Sunday at $11,246, as trading volumes picked up and reached $29 billion's equivalent per day over the weekend. Later, the activity subsided a bit, and Bitcoin traded at $10.681.38. Some investors have looked to bitcoin and other Cryptocurrencies as a hedge against possible declines in domestic currencies as the global trade tensions and economic unrest is being analyzed. In late March, Bitcoin broke out of a spell of limited price moves. It has since risen more than 160%, an ascent peppered by double-digit price swings that have reminded some of its retail investor-fueled 2017 bubble.
Bitcoin's volatility has been a boon to larger investors such as hedge funds, and other investors searching for returns as central banks across the world lean towards lower interest rates. Bitcoin as safe-haven is expected to lead to further gains as the global economy struggle hikes.
To sum up, the price is expected to push higher towards $11,000 and later towards $12,000 area. The price remains above $10,000-500 area while being held by the dynamic levels and Kumo Cloud as support. MACD lines are residing above 0.00 area with a Bullish Crossovers and signal of Bullish Divergence. It may indicate further upward thrust.
SUPPORT: 10000, 10500
RESISTANCE: 11000, 11500, 12000
BIAS: BULLISH
MOMENTUM: NON-VOLATILE
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