(Bloomberg) — After months of muted trading, Bitcoin may be poised for a new breakout and a potential breach of a critical fitness level, complex signals show.
With the weekend, the biggest cryptocurrency bounced from the reduced Trading Envelope band, a switch which suggest it is more likely to retest $12,000. The measure tends to smooth shifting averages to map out lower and higher limitations.
Also, the GTI Global Strength Indicator shows the coin has entered a new buying trend and is not in overbought territory, portending further gains.
Quite a few crypto fans are betting that interest out of institutional investors might help carry Bitcoin higher. Fidelity Investments launched its first Bitcoin fund last week. jpmorgan Chase & Co. similarly designed an investment in ConsenSys while offering its blockchain model Quorum to the software business for an undisclosed amount.