MEXCBitcoin Technical Analysis: Why Are BTC/USD Chances Of Hitting $12,000 Again Narrowing?
- Bitcoin recovers from last week’s lows at $11,100 over the weekend but fails to rise above $11,800.
- Bitcoin bulls are seeking support above $11,600 in a bid to keep the focus on $12,000.
Following a short term double-top pattern I discussed on Monday, Bitcoin as expected, recovered above several key seller congestion zones including at $11,400, $11,500 and $11,600. The largest cryptocurrency extended the bullish action above $11,700 but lost steam before hitting $11,800.
Meanwhile, Bitcoin is trading at $11,685 after suffering another rejection from the levels traded marginally above $11,800. Buyers are working hard to ensure that BTC stays above $11,600. This way, they will have ample time building the momentum and enough volume to take down the resistances at $11,800 and $12,000 respectively.
The retreat from levels above $11,700 is reflected in the reversal of the Relative Strength Index (RSI). The price action from the double-bottom pattern saw the indicator rise above 60. However, it failed to rally into the overbought region, hence the ongoing retreat.
Related reading: Yearn.finance On Steroinds? Surpasses Bitcoin $20,000 All-time High to Hit $38,983
BTC/USD 4-hour chart
On the other hand, the Moving Average Convergence Divergence (MACD) is holding slightly above the mean line. This means that buyers still have significance influence over the price. Unfortunately, it is not enough to consistently sustain gains above $12,000.
For now, it is okay to hold the price above $11,600 as long as bulls do not lose sight of $12,000. Note that, if support at $11,600 is shattered, Bitcoin could easily plunge to last week’s lows at $11,100.
Bitcoin Intraday Levels
Spot rate: $11,675
Percentage change: -0.31%
Relative change: -36
Trend: Short term bearish bias
Volatility: Low
Read more: Bitcoin Price Forecast: Is This BTC/USD Ultimate Ticket To $12,000?
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.
Related Articles
- Strategy Raises $715M to Buy More Bitcoin Through New Preferred Stock
- JPMorgan Reveals $340M BlackRock Bitcoin ETF Bet Amid Crypto Treasury Decline
- Arthur Hayes Bets Big on Zcash as It Tops $10B and Surpasses Hyperliquid
- Kalshi Sees Nearly 50-Day Shutdown As Bitcoin Now Mirrors Nasdaq
- Breaking: Crypto Market Structure Bill Faces Delay Amid U.S Senate Drafting Issues
- NEAR Protocol Price Surges 37% as Open Interest Jumps 59% — Is $5 the Next Target?
- Can Ethereum Price Break Below $3k as Exchange Reserves Hit Record Lows?
- Avalanche Price Nears 60% Jump Ahead of Granite Upgrade as AVAX Burn Rate Jumps
- Bitcoin Price Crashes Below $100K: What’s Driving the Drop?
- Zcash Price Surges 24% as November 2025 Halving Hype Grows – Is $1,000 Next?
- Shiba Inu Price Soars 5%: Is SHIB About to Erase Another Zero?
