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.
Bit5coin 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.
It is essential that the bulls find support above $12,000 for a continued reversal towards $13,000. Otherwise, a slide under $12,000 could test $11,500 support after clearing the short-term trendline support.