Bitcoin has remained above $10,000 for three consecutive weeks! Monthly increase of 25%, how long can the upward trend last?

On Wednesday (August 19), Bitcoin prices failed to hold the expected support level of $12,200 and plummeted to below $12,000, prompting more sellers to enter the market, driving a rebound, and then a sharp break above $12,000, approaching the key level of $12,500. However, this wave of gains ended as a new yearly contract closed at $12,492.
Bitcoin has performed strongly recently. Not only has it traded above $10,000 for the third consecutive week, but it has also briefly broken through the $12,000 mark. Its current monthly increase is 25%, and its cumulative increase to date has exceeded 65%.

(Source: FXStreet)

At press time, Bitcoin is trading at $11,774, down 1.5% on the day from the opening price of $11,955. In the short term, the relative weakness index shows that Bitcoin is severely oversold, and the MACD index is also moving lower in the negative range. Bitcoin is currently in a bearish trend, and sellers have more say. However, with the reduction in volatility, Bitcoin is likely to hold the short-term support level of $11,700, while buyers are more concerned about $12,000.
Source: FX168