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 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.