- Bitcoin leads the market in recovery spiking over 8% on the day.
- Support above $12,000 is key to continued momentum heading to $13,000.
Bitcoin has a special relationship with the weekend sessions. Such that the love has not been affected by the devastating losses experienced yesterday. The largest digital asset is in the middle of a staged recovery from the lows formed at $10,300; representing an increase in the value of 8.5% on Friday.
Bitcoin is currently trading above the moving averages (both the 50 Simple Moving Average (SMA) 15-mins and the 100 SMA 15-mins). Other technical indicators suggest that the bullish momentum will continue in the short-term. The Moving Average Convergence Divergence (MACD) on the 15-mins chart has crossed into the positive region while the Relative Strength Index (RSI) is holding the position at 70.
Source: fxstreet
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