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Bitcoin price analysis: BTC/USD bulls make their way above $11,000

  • BTC/USD tries to settle above the critical $11,000 handle.
  • A strong resistance is created on approach to $11,650.
Bitcoin price analysis: BTC/USD bulls make their way above $11,000
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin, the world's most popular digital currency, made its way above $11,000 handle amid the broad-based recovery on the global cryptocurrency market. BTC/USD hit the intraday low at $10.610, where new buyers popped in and helped to stop the sell-off. 

Despite the upside momentum, the coin witnessed over 8% losses over the last 24 hours, while the total capitalization dropped below $200 billion. The Bitcoin's market share has also reduced to 61.3% from over 63% at the end of the last week.

Looking technically, the initial resistance is created by the middle line of the 1-hour Bollinger Band at $11,230. Once it is out of the way, the recovery may be extended towards $11,650 area with a confluence of SMAs (Simple Moving Average) on the 1-hour chart. This area separates us from the psychological $12,000.

On the downside, the support awaits BTC/USD on approach to the intraday low of $10,610 with the lower boundary of 1-hour Bollinger Band located on approach. The sellers will take charge once this barrier is cleared with the next focus on SMA100 (4-hour) located at $10,450.

However, the intraday Relative Strength Index (RSI) points upwards, which means BTC bulls have a good chance to go on with their agenda.

BTC/USD, 4-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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