- 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.
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
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- SEC Chair Gensler Responds To Terra Crash, More Regulation Due?
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- Ethereum Shorts Building Up, ETH Exchange Supply Rises
- Bitcoin (BTC) Hits 3-Day Death Cross, More Bloodbath Coming?
- Crypto Expert PlanB Reveals New Bitcoin (BTC) Bull Run
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?