Bitcoin bottoms just in time to keep your brother-in-law who bought on Thanksgiving in the black

• Bitcoin appears to have found its bottom where it was trading around Thanksgiving, Bespoke Investment Group says.
• The price of bitcoin first topped $9,000 after the holiday due to a surge of interest from new investors.
• The next technical level Bespoke is watching is $11,000, with a final upside target in the $13,500-$14,000 range.

Good news for people who jumped on the bitcoin bandwagon round the Thanksgiving holidays as relations talked up their new wealth from crypto-trading. It appears to possess found a bottom right round the levels reached therein vacation week.

Coinbase, the most important bitcoin exchange within the U.S., additional roughly a hundred,000 accounts between weekday and weekday of Thanksgiving week, transfer the full of thirteen.1 million, estimates show.

Bitcoin was mercantilism at $9,300 close to the top of the mercantilism day on Coinbase weekday. Given it absolutely was mercantilism around $8,100 on feast day, Nov. 23., investors ar up fifteen %.

"It's a decent sign for bulls that this level was ready to hold earlier this month," custom-made Investment cluster wrote in a very note weekday. "Bitcoin appears to possess found associate initial bottom around $6,000, that is true at the degree it absolutely was mercantilism at before the post-Thanksgiving parabolic move."

Source: custom-made Investment cluster

Bitcoin's gains accelerated to a record high in period of time on top of $19,000, however the cryptocurrency then plunged within the previous few weeks amid restrictive considerations to below $6,000 last Tues.

Bespoke same Wednesday's value travel on top of $9,000 "is conjointly optimistic as a result of it marks the break on top of the highest of the foremost recent downtrend channel. it is vital that $9,000 currently holds as support going forward."

The next level to look at from a technical perspective is $11,000, that custom-made same represents the highest of a additional extended downward trend and was tier of support and resistance in December and once more in period.

"We'd expect it to act as resistance if it's tested once more within the close to future," the investment cluster same, adding that they expect mercantilism pressure to come back in at the $11,000 level.

But if $9,000 is not ready to hold within the coming back days/weeks, bitcoin may "easily move right backpedal to support at $6,000 again."

The final top target is that the $13,500 to $14,000 range, custom-made same, that represents a roughly forty five % increase from Wednesday's levels.