Bitcoin price analysis: BTC/USD bulls take revenge, rush towards $13,000
|- BTC/USD's upside trend is gaining ground after a break above $12,000 handle.
- The nest resistance of $13,000 comes into focus.
Bitcoin has been growing actively since Monday. The first digital asset surpassed the critical barrier $12,000 and hit $12,782 during early Asian hours on Tuesday. The primary digital asset has gained nearly 11% on recent 24 hours and settled at $12,700 by the time of writing. BTC/USD is moving within a strong bullish trend amid growing volatility.
Bitcoin's technical picture
On the downside, the initial support for BTC/USD comes at $12,200. It is created by the intraday low and the middle line of 4-hour Bollinger Band. Once it is created, the sell-off will continue towards $12,000 where a fresh buying interest is likely to appear.
Another strong barrier awaits BTC bears at $11,400 (Simple Moving Average, SMA100 4-hour), closely followed by $11,300 (the middle line of daily Bollinger Band). The next strong barrier comes at $11,000 and $10,400 with Pivot Point 1-day Support 1 and Pivot Point 1-week Support 1.
The initial resistance awaits at $13,000, strengthened by the upper line of 1-day Bollinger Band. Once cleared, the upside momentum will gain traction with the next focus on $13,353 and the recent high of $13,860. These intermediate barriers separate us from the important $14,000 handle.
BTC/USD, 4-hour chart
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