These Technical Indicators See Bitcoin in Uptrend Towards $12K

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Bitcoin’s uptrend has halted after staging a 12 percent bull run earlier this week. The cryptocurrency now expects to neutralize its overbought status with either a consolidation or a correction. Meanwhile, a set of technical indicators shows a bullish scenario, noting that Bitcoin could continue its rally upwards towards $14,000. Bitcoin rallied by almost 12 percent earlier this week to establish a year-to-date high at $11,420. Nevertheless, the benchmark cryptocurrency has since corrected downwards to the tune of as much as 7 percent. Its pullback appeared due to profit-taking sentiment among daytraders. Also, Bitcoin fell as investors shifted focus back to the stock market after Federal Reserve decided to continue its $2 trillion stimulus program. On a technical front, the BTC/USD exchange rate appears to have been neutralizing its overbought status. This week’s rally pushed the pair’s daily Relative Strength Index above 70. Such a move typically leads to higher…

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