Bitcoin Price Analysis: BTC sellers continue to lurk above $11,800, $12K still on cards?

  • Bitcoin consolidates the rebound on Sunday before the next leg higher.
  • A test of $12K mark remains inevitable amid a potential symmetrical triangle.
  • Upside remains more compelling amid a bunch of healthy support levels.

Bitcoin (BTC/USD) sellers continue to lurk above the $11,800 level, limiting the upbeat momentum in the spot so far this Sunday. The most favorite crypto coin consolidates Saturday’s rebound around $11750, almost unchanged on the day, at the time of writing. The market capitalization of the No.1 digital asset stands at $217.17 billion.

Technical Overview

BTC/USD: Hourly chart


Following Saturday’s renewed $225 uptick to $11,817 levels, the price has entered a consolidative phase while ranging in a symmetrical triangle formation on the hourly chart.

The spot needs acceptance above the falling trendline resistance at $11,800 to confirm the pattern, opening doors towards the yearly highs of $12,112 and beyond.

En route the yearly tops, the BTC bulls could test Friday’s high at $11,918. The next hurdle is aligned at the $12,000 mark.

The hourly Relative Strength Index (RSI) has turned lower but holds above the midline around 50.50, suggesting that the upside bias still remains intact in the near-term.

Meanwhile, the horizontal 50-hourly Simple Moving Average (HMA) at 11,698 guards the downside. A break below which the upward sloping-100-HMA at $11,670 could be tested once again.  

The confluence of the rising trendline support and intraday low near $11,645 will be the next cushion.

Selling pressure could intensify below the latter, opening floors for a test of the 200-HMA at $11,511.

To conclude, given a bunch of healthy support levels stacked up, the path of least resistance appears to the upside.

BTC/USD: Additional levels to watch


Today last price 11722.91
Today Daily Change -50.66
Today Daily Change % -0.43
Today daily open 11774.94
Daily SMA20 10735.08
Daily SMA50 9836.96
Daily SMA100 9611.57
Daily SMA200 8796.23
Previous Daily High 11817.03
Previous Daily Low 11531.59
Previous Weekly High 12112.72
Previous Weekly Low 10583.38
Previous Monthly High 11457.43
Previous Monthly Low 8907.52
Daily Fibonacci 38.2% 11707.99
Daily Fibonacci 61.8% 11640.63
Daily Pivot Point S1 11598.68
Daily Pivot Point S2 11422.42
Daily Pivot Point S3 11313.24
Daily Pivot Point R1 11884.11
Daily Pivot Point R2 11993.29
Daily Pivot Point R3 12169.55



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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets prepare for a bullish October

Bitcoin price is experiencing a momentary downswing as it sets up a falling wedge pattern. Similar to the big crypto, Ethereum price is also forming a bullish pattern. However, Ripple seems to be bouncing off a support floor without any technical formations in play.

More Bitcoin News

XRP and XLM in trouble as CBDCs aim to make cross-border remittances cheaper and faster

The outcome of recent Central Bank Digital Currency (CBDC) pilots shows slashed cost and reduced transaction time. Cryptocurrencies currently utilized for making cross-border settlements, Ripple (XRP) and Stellar Lumens (XLM), are likely to face stiff competition from CBDCs. 

More Ripple news

Shiba Inu price stabilizes as SHIB bulls prepare for 20% take-off

Shiba Inu price saw a massive uptrend on September 16 but was soon undone in the next couple of days as it approached a stable support floor. Investors can expect SHIB to launch here, retesting crucial resistance barriers.

More Shiba Inu News

Cardano price eyes 30% breakout if ADA bulls can overcome this strong hurdle

Cardano price is in a suspended state after its recent breakout from the bullish pattern. If ADA finds a launching pad, there is a high chance a new uptrend begins. Interestingly, there is a confluence of support, indicating a bullish outlook.

More Cardano News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast