Bitcoin Price Analysis: BTC bulls eye $12,000 amid falling channel breakout
- Bitcoin catches fresh bids on Saturday after a down Friday.
- Technical set up favors BTC bulls, eyes set on $12K mark.
- The coin has pierced above all the major HMAs.
Bitcoin (BTC/USD) has finally broken the recent consolidative phase to the upside, as the bulls cleared the $11,700 resistance. The recovery momentum from Friday’s slide to $11, 348 gained traction, with the price gaining over 1% on a daily basis, at the press time. The market capitalization of the most favorite digital asset stands at $213.99 billion.
Technical Overview
BTC/USD: Hourly chart
With the bullish break, the BTC bulls stormed through the 21-hourly Simple Moving Average (HMA) at 11,608 and subsequently, pierced above the horizontal 50-HMA at 11,722.
The bulls now gear up for a test of Friday’s high at 11,918 above which the $12K level could be put to test.
Acceptance above the latter could likely open doors towards the yearly highs of $12,112.
The hourly Relative Strength Index (RSI) has turned flat but holds firmly above the midline and below the overbought region, implying that there is more room for the upside.
On the flip side, the critical resistance-turned-support at $11,610, the convergence of the pattern resistance and 21-HMA, will limit the corrective declines.
The sellers will then aim for the upward-sloping 100-HMA at $11,573, below which the bullish 200-HMA at $11,462 will be a tough nut to crack for the BTC bears.
BTC/USD: Additional levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
