Bitcoin price analysis: BTC/USD continues its rollercoaster ride
|- BTC/USD gains ground and becomes the growth leader of the day.
- A sustainable move above $12,000 will allow the recovery to gain traction.
Bitcoin (BTC) has recovered from the recent low of $9,657 to trade at $11,430 by press time. The most popular digital asset has gained over 12% of its value in recent 24 hours, which is the best result out of top-20 coins. On a weekly basis, BTC is still down nearly 8% as the market is rocked by high volatility.
Looking technically, a sustainable move above $11,000 has improved the short-term picture and created a pre-condition for further recovery with the next focus on $11,500 (Simple Moving Average (SMA50) on 4-hour chart and SMA200 on 1-hour chart).
Once it is cleared, the upside is likely to gain traction towards $12,000 strengthened by the upper boundary of 4-hour Bollinger Band. It is followed by June 30 high at $12,128. An ultimate resistance awaits on approach to $13,000 with the upper line of 1-day Bollinger Band at $12,800.
On the downside, a move below $11,000 will encourage the bears to double their efforts and push the price towards the initial support at $10.700 (SMA100 4-hour chart) followed by $10,500 (the middle line of 1-day Bollinger Band). This area will slow down the sell-off and attract new buyers. However, once it is cleared, the downside may gain traction with the next focus on $10,000.
BTC/USD, 4-hour chart
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