Bitcoin (BTC) Prize collected more than 3 percent, on Monday 16 June, to trade around $ 108,551 during the Mid-Noord-American session. The flagship coin broke from a consolidation formed in the weekend after teasing potential capitulation after the tension in the middle East.
As a result of today’s rebound, the optimism of further market trally increased the greed of traders. In addition, Bitcoin and the broader market for cryptocurrency are well positioned to take advantage of the rising global money supply in the midst of expected quantitative relaxation (QE) in the United States.
The bullish sentiment is also reinforced by the 1-hour MacD line, which has already been crossed above the zero line. Moreover, the 1-hour relative strength index (RSI) has already taken the level of 70 percent, which suggests that the bulls have the market under control.
However, if the BTC price is closed under the support range between $ 101k and $ 104k, a rejuvenated bearish sentiment is confirmed.