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Bitcoin Has Bullish Potential

Summary

After a two-day rise, bitcoin is under pressure again.

The largest cryptocurrency is deprived of fundamental drivers for now, especially amid widening talks about the speculative bubble and its imminent burst.

Overall, bitcoin has recovered only partially after the recent aggressive correction.

After a two-day rise, bitcoin is under pressure again. The price struggles to regain bullish momentum and overcome the $15,000 barrier, though the current pressure is limited. Earlier BTC fell to an intraday low of $14,091.95, while the intraday high was set at $15,400.

The largest cryptocurrency is deprived of fundamental drivers for now, especially amid widening talks about the speculative bubble and its imminent burst. The short-term positive momentum the price received yesterday is lost already. On Wednesday, BTC appreciated following the reports that a large Founders Fund bought around $15-$20 million of the cryptocurrency.

Overall, bitcoin has recovered only partially after the recent aggressive correction. It needs to regain the $15,500 resistance in order to target its record highs again. The short-term bullish sign is that the price has established higher lows – it is signaling scope for an upside move. As long as bitcoin stays above the $12,600 level, the outlook is positive. The immediate resistance is at $15,000.