• BTC/USD is range-bound during early Asian hours.
  • The recovery from the recent lows is painfully slow.

BTC/USD touched the area below $11,000 for the first time since July 6. While the first digital coin managed to regain some ground, the upside momentum is still non-existent. BTC/USD is mostly unchanged both on a day-on-day basis and since the beginning of Friday, changing hands at $11,450 at the time of writing.

Regulatory clampdown

Recently US President Donald Trump expressed a critical view towards Bitcoin and Libra, echoing the views aired earlier by the head of the Federal Reserve Bank Jerome Powell. The FED's chairman said that Libra raises a lot of concerns that must be addressed. 

Bitcoin's technical picture

Looking technically, BTC/USD should recover above $11,700 (this barrier is created by a confluence of SMA50 and SMA100 on 4-hour timeframe, and SMA200 on 1-hour chart) to mitigate the short-term bearish pressure and allow for an extended recovery towards $12,000. This psychological barrier is closely followed by $12,100 (SMA100 1-hour and the middle line of 4-hour Bollinger Band). A sustainable move below this area will open up the way towards $13,000. 

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 $10,400 (SMA200, 4-hour, the lower boundary of the 1-day Bollinger Band).

BTC/USD, 4-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

Bitcoin keeps hovering around $8,200 as bears push the price down

BTC/USD has had a bearish start to Tuesday as the price dropped from $8,217 to $8,185. This Monday also turned out to be a seller-heavy one as BTC/USD fell from $8,235.70 to $8,217. There is a lack of healthy support levels on the downside.

More Bitcoin News

Ripple price analysis: XRP/USD grinds to a halt ahead triangle breakout

Ripple performance in October has been relatively better compared to other major digital currencies. The world’s third-largest crypto is stepped above $0.30 last week but failed in sustaining gains towards $0.31.

More Ripple News

TRON price analysis: TRX/USD mired in a tight range

At the time of writing, TRX/USD is changing hands at $0.0155. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday amid slow trading activity on the cryptocurrency market. 

More Tron News

EOS market overview: EOS/USD gains traction to thrust past $3.0 barrier

The crypto bulls are making a comeback during the Asian trading hours on Tuesday. This follows are a mundane weekend session. The action on Monday was relatively bullish but the majority of cryptos are still locked under key resistance barriers.

More EOS News


Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast