RATE Group | BTC/USD grinding closer to $11,000 despite Facebook’s Libra regulatory challenges
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BTC/USD grinding closer to $11,000 despite Facebook’s Libra regulatory challenges

16 Jul BTC/USD grinding closer to $11,000 despite Facebook’s Libra regulatory challenges

Posted at 09:42h in Bitcoin News by

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  • Bitcoin bulls return as the price grows 7% on the day; further growth is imminent.
  • Facebook has a two-day hearing in the U.S. Congress on July 16 and July 17 regarding Libra.

Bitcoin has continued to appreciate in value on Monday. This is recovery follows the declines that have been extensively covered by FXStreet. The break above $10,400 paved the way for correction to higher levels. Moreover, at press time, the intraday charts show BTC/USD trending 7% higher on the day.

While trading at $10,914, the price is moving closer towards $11,000. Technical levels point towards further growth in the short-term. The Relative Strength Index (RSI) has entered the overbought region for the first time since Friday last week. The momentum is also emphasized by the Moving Average Convergence Divergence (MACD) is almost crossing into the positive level to show that the bulls are gaining traction.

A break above $11,000 is likely to open the door towards $12,000. On the…

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