Bitcoin Price Analysis: BTC/USD renews highest level in more than two weeks near $11,200


  • Bitcoin gained traction following a two-day consolidation on Saturday.
  • RSI on the daily chart turned north above 50.
  • A daily close above $11,200 could open the door for additional gains.

After staying relatively quiet near $11,00 on Thursday and Friday, Bitcoin (BTC/USD) gained traction and touched its highest level since September 3rd at $11,180. As of writing, Bitcoin was up 1.3% on a daily basis at $11,080.

Bitcoin technical outlook

On the upside, $11,200 (Fibonacci 38.2% retracement of July 21-August 18 uptrend) aligns as a critical hurdle for Bitcoin. With a daily close above that level, BTC/USD could target $11,700 (Fibonacci 23.6% retracement) and $12,000 (psychological level). Meanwhile, the Relative Strength Index (RSI) on the daily chart started to push higher above 50, suggesting that the bullish momentum is gathering strength.

Supports, on the other hand, are located at $10,800 (Fibonacci 50% retracement), $10,400 (100-day SMA/Fibonacci 61.8% retracement) and $10,000 (psychological level).

BTC/USD daily chart

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

XRP trading volume soared to $4.4 billion in Q2, recording 98% increase from last quarter

The latest Ripple quarterly report revealed that the cross-border remittance token witnessed a surge in trading volume in the second quarter of this yXRP has seen a massive climb in trading volume in the second quarter this year. The cross-border remittance token recorded four days in Q2 with the highest trading volume in its entire history. The volatility of XRP was considerably higher than that of Bitcoin and Ethereum during this period.

More Ripple News

US clients of Kansas based mining company now avoid tax on BTC mining

A leading mining company in the US offers clients income from Bitcoin mining without triggering a taxable event. The US has emerged as a hub for Bitcoin miners since the BTC hashrate migration. 

More Bitcoin News

Axie Infinity price shows massive bullish potential suggesting AXS is primed for another 140% rally

A brief technical and on-chain analysis on Axie Infinity price. Here, FXStreet's analysts evaluate where AXS could be heading next as it looks primed for consolidation before higher highs.

More Cryptocurrencies News

State Street will expand crypto services for private-fund clients to meet growing demand

State Street is looking to offer its private-fund clients crypto administration services. Last month, the Boston-based bank created a new division focused on digital assets. The American bank aims to meet growing client demand for cryptocurrencies with new service offerings.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



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

BTC

ETH

XRP