• BTC/USD has lost nearly 12% in recent 24 hours amid growing bearish pressure.
  • The key support is created by a psychological barrier of $11,000.

Bitcoin (BTC) resumed the sell-off after a short period of consolidation below $12,000. The coin hit the new intraday low at $11,175 and recovered to $11,348 by the time of writing. BTC/USD has lost nearly 7% of its value since the beginning of the day and over 11% in recent 24 hours. 

It is worth noting that this bearish wave is not accompanied by a spike in trading volumes, which means that the sell-off is likely to be short-lived. 

Looking technically, the initial resistance is created at $11,700 by SMA200 (Simple Moving Average) 1-hour and the middle line of 15-min Bollinger Band). Once it is cleared, the recovery is likely to gain traction with the next focus on $12,000. 

On the downside, the critical support lies at psychological $11,000. A sustainable move lower will increase the downside pressure and push the price towards $10.290 (SMA200, 4-hour, the lower boundary of the 1-day Bollinger Band). 

BTC/USD, 1-hour chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Opportunity in Bitcoin for bargain hunters

First, the strong bullish move yesterday by Bitcoin, which gained more than $1,000 in 60 minutes. The movement has placed the BTC/USD pair above all major moving averages and opens the door to further rises in the absence of relevant resistance.

More Bitcoin News

Ripple’s XRP recovery from April lows marks the beginning to breakout

Ripple has dived massively from the recent highs. The breakout above both the 50 Simple Moving Average (SMA) 1-D and the 100 SMA 1-D propelled XRP past critical hurdles. For the first in 2019, the price exchanged hands above $0.5. 

More Ripple News

Litecoin market overview: LTC/USD oversold and ready to bounce

Litecoin is showing signs of exhaustion from the downtrend experienced from the beginning of July. Recovery to June highs around $146 has been impossible with the path of least resistance having an affinity to the south.

More Litecoin News

Ethereum 2.0 January 3, 2020 launch date remains unconfirmed

The Ethereum ecosystem is preparing for what is known as the biggest milestone for the network, Ethereum 2.0. The new protocol is still in the development stages and researchers have recently told the community that it is possible that there will be a delay in the launch.

More Ethereum News

Bitcoin Weekly Forecast: bulls lick wounds after major sell-off

The cryptocurrency market has lived through a dreadful week as Bitcoin(BTC), and all major altcoins crashed below several important support levels. 

Read the weekly forecast

BTC

ETH

XRP