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
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
