Bitcoin Price Analysis: BTC bulls eye $12,000 amid falling channel breakout
|- Bitcoin catches fresh bids on Saturday after a down Friday.
- Technical set up favors BTC bulls, eyes set on $12K mark.
- The coin has pierced above all the major HMAs.
Bitcoin (BTC/USD) has finally broken the recent consolidative phase to the upside, as the bulls cleared the $11,700 resistance. The recovery momentum from Friday’s slide to $11, 348 gained traction, with the price gaining over 1% on a daily basis, at the press time. The market capitalization of the most favorite digital asset stands at $213.99 billion.
Technical Overview
BTC/USD: Hourly chart
With the bullish break, the BTC bulls stormed through the 21-hourly Simple Moving Average (HMA) at 11,608 and subsequently, pierced above the horizontal 50-HMA at 11,722.
The bulls now gear up for a test of Friday’s high at 11,918 above which the $12K level could be put to test.
Acceptance above the latter could likely open doors towards the yearly highs of $12,112.
The hourly Relative Strength Index (RSI) has turned flat but holds firmly above the midline and below the overbought region, implying that there is more room for the upside.
On the flip side, the critical resistance-turned-support at $11,610, the convergence of the pattern resistance and 21-HMA, will limit the corrective declines.
The sellers will then aim for the upward-sloping 100-HMA at $11,573, below which the bullish 200-HMA at $11,462 will be a tough nut to crack for the BTC bears.
BTC/USD: Additional levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.