|

Bitcoin price analysis: BTC/USD continues its rollercoaster ride

  • BTC/USD gains ground and becomes the growth leader of the day.
  • A sustainable move above $12,000 will allow the recovery to gain traction.

Bitcoin (BTC) has recovered from the recent low of $9,657 to trade at $11,430 by press time. The most popular digital asset has gained over 12% of its value in recent 24 hours, which is the best result out of top-20 coins. On a weekly basis, BTC is still down nearly 8% as the market is rocked by high volatility. 

Looking technically, a sustainable move above $11,000 has improved the short-term picture and created a pre-condition for further recovery with the next focus on $11,500 (Simple Moving Average (SMA50) on 4-hour chart and SMA200 on 1-hour chart). 

Once it is cleared, the upside is likely to gain traction towards $12,000 strengthened by the upper boundary of 4-hour Bollinger Band. It is followed by June 30 high at $12,128. An ultimate resistance awaits on approach to $13,000 with the upper line of 1-day Bollinger Band at $12,800.

On the downside, a move below $11,000 will encourage the bears to double their efforts and push the price towards the initial support at $10.700 (SMA100 4-hour chart) followed by $10,500 (the middle line of 1-day Bollinger Band). This area will slow down the sell-off and attract new buyers. However, once it is cleared, the downside may gain traction with the next focus on $10,000.

BTC/USD, 4-hour chart


 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Cardano Price Forecast: Approaches critical support as correction risks grow
Cardano (ADA) recovers slightly, trading at $0.206 at the time of writing on Friday, inches above the critical support zone after losing more than 6% so far this week. Weakening derivatives data and fading bullish momentum suggest a bearish near-term outlook, with a decisive close below the support zone potentially triggering a deeper correction for ADA.
Crypto Overview: Bitcoin slips below $77,000 – Raydium, Falcon Finance hold gains

Bitcoin price trades below $77,000 on Friday, extending its capitulation from the previous week’s high at $82,300. Broader market consensus points to a higher likelihood that the US Federal Reserve could raise interest rates at the September meeting, as inflation concerns rise amid the war with Iran.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC pullback, ETH stalls, XRP weakens
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) remain under pressure on Friday as the broader cryptocurrency market extends its losses over 4%, 2.5% and 5%, respectively, this week.
Ethereum Price Forecast: ETH holds above $2,400 as PPI data strengthens rate hike expectations
Ethereum (ETH) is down 0.7% on Thursday as the second-largest cryptocurrency looks to recover from earlier pressure following the release of stronger US inflation data. The Producer Price Index (PPI) for final demand rose 0.4% in August, matching market expectations after a revised 0.1% increase in July, according to the US Labor Department.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.