Bitcoin Price Analysis: BTC/USD erases Saturday's gains, returns to $11,000 area


  • Bitcoin rose to its highest level since early September on Saturday.
  • Bitcoin lost its traction before testing key Fibo level near $11,200.
  • $10,800 aligs as the immediate support if downward correction continues.

Bitcoin (BTC/USD) rose to its highest level in more than two weeks at $11,800 on Saturday but failed to preserve its bullish momentum. As of writing, the pair was down 1% on a daily basis at $10.970.

Bitcoin technical outlook

A tough resistance seems to have formed at $11,200 (Fibonacci 38.2% retracement of July 21-August 18 uptrend). If Bitcoin manages to climb above that level and make a daily closing there, it could target $11,700 (Fibonacci 23.6% retracement) ahead $12,000 (psychological level). Meanwhile, the Relative Strength Index (RSI) on the daily chart retreated to 50 area, suggesting that buyers are struggling to take control of the price action.

On the downside, the downward correction could extend to $10,800 (Fibonacci 50% retracement). Below that level, $10,400 (100-day SMA/Fibonacci 61.8% retracement) is the last line of defense ahead of $10,000 (psychological level).

Bitcoin chart (daily)

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

ADA could retrace in the short-term before massive 20% breakout

Cardano has been trading sideways since its high of $1.48 established on February 27. The digital asset just had a significant breakout from an important pattern and aims for a high of $1.5 in the long-term.

More Cardano News

Ethereum price poised for greatness as on-chain metrics suggest move to $2,000 is approaching

On January 14, Ethereum price had a significant spike and started to outperform Bitcoin for the first time since July 2020. However, the trend didn’t last long and ETH started to fade away in February despite Bitcoin price also falling. 

More Ethereum News

VET hints at a 75% bull rally

VeChain price has been consolidating in an ascending parallel channel for over the past two months. The pattern’s lower trendline cushioned the recent 42% crash. Bouncing off this support level now suggests the possibility of a 75% upswing towards the channel’s upper trendline at $0.084.

More VeChain news

Crypto bull market warming up as Bitcoin heads for $58,000

The cryptocurrency market seems to be flipping bullish after Bitcoin made a real move above $50,000 on Wednesday during the European session. BTC's move also poked Ethereum bulls to join the market from the sidelines, pushing the price past $1,600. 

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP