- Bitcoin price free-falls below several support areas in a bid to create fresh demand at a lower price level.
- Recovery will remain mundane in the current Asian session and probably the European session according to technical levels.
Bitcoin plunged to refresh levels towards $11,000 as expected. The largest cryptocurrency has since the week started targeted levels above $12,000. However, buyers have been willing but unfortunately failed to gather the right amount of volume to sustain gains. On the other hand, bears were bound to gain traction, forcing Bitcoin below critical support areas like $11,600 and $11,400.
The largest cryptocurrency explored levels around $11,000 leaving the support at $11,000 untested. A shallow recovery has seen Bitcoin bounce to $11,334 (prevailing market value). I believed that a slide to levels close to $11,000 was going to send Bitcoin rattling through barriers and within no time overcome the psychological hurdle at $12,000.
However, according to the various technical levels, recovery is going to be gradual. Therefore, it is vital that bulls hold onto all the gains they get and be careful not lose sight of the critical $12,000 level. Otherwise, the support at $11,000 is well within reach or worse the bearish leg could extend towards $10,500.
Related reading: Tether Flips Bitcoin [BTC] as the Medium of Transfer with a Capital Flight to Stablecoins
BTC/USD daily chart
The Relative Strength Index (RSI), for instance, is holding the ground marginally below the midline (50). The downtrend appears to have been averted in favor of a reversal. A return above 50 would signal continued upward movement as Bitcoin takes down the resistance currently at $11,400 and $11,600.
Trending Stories
The Moving Average Convergence Divergence (MACD) brings to light the fact that selling pressure has not entirely been purged from the market. Besides, this is the reason why recovery is lethargic and a reminder that they cannot afford to waiver in spite of the headwinds standing in the way to $12,000.
Bitcoin Intraday Levels
Spot rate: $11,337
Relative change: 18.41
Percentage change: 0.18%
Trend: Short term bullish bias
Volatility: Extremely low
Read more: On-Chain Bitcoin [BTC] Trends Suggest That Whales Are On A Stacking Spree
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long
- Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
