Bitcoin Price Prediction: BTC Could Suffer Another Rejection At $11,000


Bitcoin price

Bitcoin Price Prediction: BTC Could Suffer Another Rejection At $11,000

  • Bitcoin breaks out of a symmetrical triangle pattern, closing in on the critical $11,000.
  • BTC has a relatively clear path to $11,500 as long as buyers can pull above the short term hurdle at $11,000.

The flagship cryptocurrency broke out of a symmetrical triangle discussed multiple times this week. The 4-hour timeframe chart has seen Bitcoin print an engulfing candlestick, which culminated on a short-lived rally towards $11,000. The momentum appears to have built on the support at $10,600. Buyers cemented their position in the market by stepping above the confluence formed by the 50 Simple Moving Average and the 100 SMA.

Bitcoin exchanged hands within a whisker of $11,000 but buyers lost steam, leaving the critical level unconquered. Meanwhile, BTC is teetering at $10,900 amid a gradually building bearish grip. It is essential that the hurdle at $11,000 comes down to give bulls the ultimate push towards the psychological $12,000 level.

The Relative Strength Index (RSI) closed in on the overbought region but is pointing downwards at the momentum, illustrating the bears’ return. The volume is quite low, in a way, limiting price action. Therefore, consolidation is likely to take precedence as the weekend is ushered in. Initial support is highlighted at $10,800 but confluence formed by the 50 SMA and 100 SMA will absorb some of the selling pressure in case of a reversal. Other key levels to keep in mind include $10,600, $10,400 and the range between $10,200 and $10,000.

BTC/USD 4-hour chart

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

On-chain analysis using IntoTheBlock’s IOMAP model reveals reducing resistance towards the coveted $12,000 level. However, Bitcoin bulls must be ready to deal with the seller congestion between $11,567 and $11,895. Here, roughly, 960,000 addresses purchased nearly 667,000 BTC. On the downside, strong support runs from $10,563 to $10,891. Here, nearly 2.3 million addresses previously bought approximately 1.6 million BTC.

Bitcoin IOMAP chart

Bitcoin IOMAP chart
Bitcoin IOMAP chart by IntoTheBlock

Bitcoin Intraday Levels

Spot rate: $10,900

Relative change: -33

Percentage change: -0.30

Trend: Short term bearish bias

Volatility: Low

Author: John Isige
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
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John Isige 707 Articles
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
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