Bitcoin Price Analysis: BTC Eyes $12,000 If 50-day MA Flips Into Support

By John Isige
September 17, 2020 Updated September 17, 2020
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  • 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

BTC/USD price chart
BTC/USD price chart by Tradingview

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

BTC IOMAP by IntoTheBlock

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

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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