Bitcoin Price Analysis: BTC/USD struggles below $11,500 as the upside momentum losing traction

Bitcoin (BTC) has been locked in a tight range under $11,500 for the third day in a row. A short-lived breakthrough attempt failed to yield any meaningful results. At the time of writing, BTC/USD is changing hands at $11,430, having gained about 1% both on a day-to-day basis and since the beginning of the day.

BTC/USD: The technical picture

Bitcoin tested area below $11,300 twice, but the sell-off was met with a fresh buying interest. Now $11,300 serves as strong support that is likely to slow down the bears in the short-term. This barrier protects the coin from a deeper decline to psychological $11,000 followed by the daily SMA50 at $11,800. BTC/USD has been trading above this technical level since the end of July.  A sustainable move below this area will worsen the technical picture and allow for a move towards $10,000 reinforced by the daily SMA100.

On the upside, the recovery is locked by $11,500. Once it is out of the way, the upside is likely to gain traction with the next focus on $11,700 with the middle line of the daily Bollinger Band on approach. The next major resistance is created by $12,000.

BTC/USD daily chart