A Brief Technical Analysis of Bitcoin. As earlier mentioned, Bitcoin bulls were optimistic that BTC would close the week at a value above $11,500.
The last time Bitcoin closed the week above this price level was in January 2018. Therefore, by achieving this feat only hours ago, Bitcoin has confirmed that it is still in bullish territory. Furthermore, it also indicates that the value of BTC has more room to grow.
What remains to be seen in the hours or days to follow, is whether Bitcoin successfully turns the $12k price area into a support zone. At the time of writing, trade volume is in the green and the 6-hour MACD is about to cross in a bullish manner pointing to a possible second drive up for Bitcoin as it attempts to permanently claim $12k.
As with all analyses of Bitcoin, traders and investors are advised to use adequate stop losses as well as low leverage to protect trading capital.
Impact of The GrayScale Ad Campaign on Bitcoin
The move up by Bitcoin to $12k levels has been attributed to Grayscale’s national ad campaign that starts today, August 10th. According to Barry Silbert, the founder of Grayscale, the campaign ads will be on the major US TV stations of CNBC, MSNBC, FOX and Fox Business. Mr. Silbert also added that the goal of the ad campaign is to bring crypto to the masses. His comments can be found in the following Tweet.
Are you ready? @Grayscale’s national ad campaign kicks off next week with a TV ad on CNBC, MSNBC, FOX, and FOX Business. We’re going to brrring crypto to the masses
Media: if you want a sneak peek, get in touch with @nitWitty
– Barry Silbert (@barrysilbert) August 7, 2020
The Managing Director of Grayscale, Michael Sonnenshein, went further and announced that the first ad will be aired on CNBC at 7 am ET. Below is his Tweet making the announcement.
TOMORROW!@Grayscale’s new TV campaign drops…
Tune into the 7am hour ET on @CNBC to be among the first to see it! pic.twitter.com/R8zOe3dmUA
– Michael Sonnenshein (@Sonnenshein) August 9, 2020
- The digital asset management firm of Grayscale kicks off a national ad campaign in the US.
- The first ad will be aired today, at 7 am ET on CNBC.
- Bitcoin has managed to retest $12k on the eve of the Grayscale’s ad campaign.
- The positive impact of Grayscale advertising Bitcoin and crypto investments is one reason BTC broke $12k.
Just yesterday, crypto traders and enthusiasts were optimistic that Bitcoin would close the week above the $11,500 support zone. As it so happens, Bitcoin did more than close above the preferred value of $11,500 but went as far as to retest the $12k ceiling and print a daily peak of $12,077 – Binance rate.