NewsletterBitcoin Price Analysis: BTC Eyes $12,000 If 50-day MA Flips Into Support
- Bitcoin price climbs above the $11,000 critical level for the first time since the drop to $9,800 in early September.
- Bitcoin bulls eye the 50-day SMA resistance; if turned into support, the hurdle at $11,374 – $11,702 can be tackled.
The flagship cryptocurrency has resumed the uptrend, and for the first time since the drop under $10,000, it stepped above $11,000. As discussed earlier in the week, Bitcoin’s weekend rally lost momentum below $10,600. Another leg up on Monday lost steam below $10,800. However, bulls managed to regain control of the price, finally pulling BTC past the critical level at 11,000.
At the time of writing, Bitcoin is exchanging hands at $11,008 amid a growing bullish momentum, as highlighted by the Relative Strength Index (RSI). The indicator continues to sustain gradual recovery from the price dip to $9,800 in September’s first week.
BTC/USD daily chart
As the bulls find bearing above $11,000, it is essential to anticipated resistance likely concentrating at the 50-day Moving Average ($11,272). If the ongoing bullish momentum remains intact, the flagship cryptocurrency could soon flip the 50-day SMA into support. Such a price action would see buyers shift their focus on the resistance levels closer to $12,000, like $11,800.
According to on-chain data provided by IntoTheBlock, the largest cryptocurrency is heading for its biggest test. The most challenging resistance lies at $11,374 – $11,702. It is vital to note that 1.32 million addresses had previously purchased 845,190 BTC in the range. If this zone is pulled into the rear, $12,000 will would be an easy nut to crack as BTC would have the potential to hit highs above $12,400. On the flip side, on-chai data shows that Bitcoin is treated to immense support right from the first range between $10,698 and $11,026 to the last zone at $9,365 – $9,713.
Bitcoin IOMPA chart
Bitcoin Intraday Levels
Spot rate: $11,008
Relative change: 46.93
Percentage change: 0.43%
Trend: Bullish
Volatility: Expanding
Read more: Bitcoin’s Active Address Count Nears ATH; Here’s What It Means
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor Predicts Bitcoin Will Overtake Gold’s Market Cap by 2035
- Breaking: Canary’s Spot XRP ETF (XRPC) Goes Live on Nasdaq
- Taiwan Eyes Plan To Establish Bitcoin Reserve By Year-End With Seized BTC
- Breaking: Crypto ETF Asset Manager Grayscale Files for U.S. IPO with the SEC
- Breaking: Czech Central Bank Buys Bitcoin as BTC Gains Ground as a Reserve Asset
- Cardano Price Rare Pattern Points to a 55% Crash as Key DeFi Metric Plunges
- Is Dogecoin Price Set for a Rally After 4.72 B $DOGE Whale Accumulation?
- XRP Price Shows Early Signs of Recovery Ahead of the First U.S. XRP ETF Debut—Rally Ahead?
- Will XRP, DOGE And ADA Surge After U.S. Government Shutdown Resolution?
- FUNToken is Trending Sideways Ahead of the $5M Giveaway: Is It Accumulating?
- Death Cross Triggers Sell Signals for Cardano Price— Will ADA Retest $0.50?
