TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin Price Analysis: BTC/USD resumes the recovery, $12,000 back in focus

  • Bitcoin bulls are in control again as BTC/USD broke above $11,500.
  • The next bullish target is created by a psychological $12,000.
Bitcoin Price Analysis: BTC/USD resumes the recovery, $12,000 back in focus
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin extended the recovery and hit the intraday high of  $11,617, At the time of writing, BTC/USD is changing hands at $11,570 with over 3.5% gains since the start of the day. The local support is now created by the upper line of the 1-hour Bollinger Band at $11,500. If the upside momentum is sustained, BTC/USD may increase to $12,000. This psychological barrier may slow down the bullish trend and trigger the correction towards the above-said BB. If it is broken, the sell-off may be extended to $11,350, reinforced by 1-hour SMA100. 

BTC/USD 1-hour chart

A sustainable move above $12,000 is needed for the upside to gain traction. The next resistance comes at $12,200 with the upper line of the daily Bollinger Band located on approach. It is followed by $12,500 and a psychological $13,000.

BTC/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Ripple bulls eye another breakout with $1.70 in sight

Ripple bulls eye another breakout with $1.70 in sight

Ripple (XRP) upholds a strong bullish outlook, while consolidating near $1.50 on Tuesday. A 72% rally last week pushed the token to $1.70 before it pulled back to seek support amid possible profit-taking and an overstretched market trend.

Polygon extends rally as bull market discovers steady network growth

Polygon extends rally as bull market discovers steady network growth

Polygon (POL) advances to a steady recovery above $0.1200 on Tuesday for the fifth consecutive day, sustaining its 45% gains from last week. The Polygon network is witnessing steady growth in transaction activity and real economic value.

Crypto Today: Bitcoin soars past $80K as Ethereum and XRP hold gains

Crypto Today: Bitcoin soars past $80K as Ethereum and XRP hold gains

Bitcoin (BTC) is trading above $80,000 on Tuesday. This is the highest level the Crypto King has traded since mid-May, underscoring a positive shift in investors' risk-on sentiment, liquidity conditions and the technical outlook.

Bitcoin rally above $80,000 shows signs of overheating 

Bitcoin rally above $80,000 shows signs of overheating 

Bitcoin extends gains, trading above $80,000 at the time of writing on Tuesday following its strongest weekly rise in more than three years. Institutional demand continues to support this rally, with spot ETFs recording positive inflows on Monday.

Bitcoin: The US Treasury saves BTC

Bitcoin: The US Treasury saves BTC

Bitcoin extends gains, trading above $77,000 on Friday after rallying over 20% and reaching its highest level since mid-May. Crypto markets continue to cheer the US Treasury’s decision to double its debt buyback operations, posting their 7th-largest liquidation event in history.