BTCUSD

Bitcoin is trading sideways around the pivot level of 10816.80. The increasing interest of institutional investors in cryptocurrency funds and ETF approvals support the demand for Bitcoin. The rising trend line seen in the chart presents a positive technical outlook. The US inflation data to be announced next week and the statements from Fed officials may affect risk perception. Above the resistance level of 11132.75, targets can be set at 11240.78 and 11516.77. In downward movements, if the support level of 10583.47 is broken, sales may be seen down to the level of 10359.91.