Bitcoin market update: BTC/USD tries and fails to rise above $11,600 resistance


  • Bitcoin targets $11,200 amid the increasing selling pressure.
  • Technically, Bitcoin is poised for more losses in the near-term.

Bitcoin continues to form a lower low pattern following the failure to breach the resistance at $12,155 during the trading sessions last week. A sharp drop occurred under both the 50 Simple Moving Average 1-hour chart and the 100 SMA 1-hour. The tentative support at $11,400 caved to the acute selling pressure.

A low was formed at $11,104 leading to a shallow recovery above $11,200. In spite of the correction above this level, $11,600 (100 SMA) remains unconquered. At press time, a building bearish momentum is pushing Bitcoin under $11,400 (50 SMA). Bitcoin is trading at $11,320 while targeting $11,200 support target.

Technically, Bitcoin is poised for more losses in the near-term. The Relative Strength Index (RSI), for example, is pointing downwards following the retreat from levels around 62. The Moving Average Convergence Divergence (MACD), in the same range, is increasing the negative divergence below the mean-line. The path of least resistance in a technical perspective is downwards.

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

Bitcoin starts to turn south as Asian traders come to the market

Bitcoin momentum starts to tail of at 10,200.00. Could prices be heading back to the psychological 10,000.00 level. Intraday technical indicators turn south. Intraday price action turns south as Asian participants enter the fray. BTC/USD has had a pretty positive session today with prices up 0,13% after yesterday's capitulation. 

More Bitcoin News

XRP/USD faces potential problematic barrier at $0.2800

Ripple’s XRP price late Thursday is trading in positive territory by some 2.60%. Heavy resistance can be observed heading into the psychological $0.3000 territory. 

More Ripple News

EOS/USD is heading for some serious technical levels

Price action points to a move higher but volumes dont confirm the move. Market found support at 3.30.

More EOS News

Another crypto futures exchange is soon to be announced

CoinFlex raise USD 10 million to create a futures exchange! Now Bakkt are finally launching their long-awaited futures exchange it seems that CoinFlex will be a serious rival.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP