Bitcoin Price Forecast: BTC/USD Bulls Set Eyes On The Prize As $12,000 Beckons

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Bitcoin Price Forecast: BTC/USD Bulls Set Eyes On The Prize As $12,000 Beckons

  • Bitcoin recovers from the dip to n$11,100 but hits a wall at $11,800.
  • BTC/USD is likely to embrace support at the 61.8% Fibonacci level and relaunch the mission to rise above $12,000.

Bitcoin price has shown resilience since the beginning of the week. This week started with action above $12,000 but BTC hit a wall at $12,084 (on Coinbase). A reversal took over with the price making haste into the $11,000’s range. Struggle to hold closer to the critical level at $12,000 lost traction with the largest cryptocurrency pulling the entire market into a fresh selloff. BTC/USD explored levels close to $11,000 but support at $11,100 gave the bulls a fighting chance for a reversal.

Recovery in the last 24 hours has been steady and consistent except for the fact that selling pressure is present. For instance, Bitcoin pushed above $11,500 and the resistance at $11,600 but could not rise past the seller congestion at $11,800.

At the time of writing, BTC is teetering at $11,761 amid a continuing retreat from $11,800 (immediate resistance). The Relative Strength Index (RSI) signals that selling activities may gain traction in the current and upcoming sessions.

Related readingBitcoin [BTC] at the Cusp of a Mega Bull-Phase: Leading Analyst

BTC/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Tradibview

Initial support is envisioned at the 61.8% Fibonacci resistance level, taken between the last swing high of $12,084 to a swing low of $11,120. If this support is shattered, investors can expect a breakdown retesting $11,600 (50% Fibonacci level). Other support levels to keep in mind include the 100 SMA at $11,643 and the 50 SMA at $11,532.

In spite of the hurdle at $11,800 and the ongoing retreat, all is not lost for the bulls because the MACD is holding within the positive region. Besides, bulls have eyes on the prize at $12,000 and, therefore, will not relent in the push for gains above this crucial level.

Read moreBitcoin Price Forecast: BTC/USD Back To The Drawing Board? Could Retest $11,000 Before Attacking $12,000 Again

Bitcoin Intraday Levels

Spot rate: $11,755

Relative change: -46.71

Percentage change: -0.37

Trend: Bearish bias

Volatility: Low

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John Isige 803 Articles
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