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.

Tanya Abrosimova Independent 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.