Bitcoin Price Prediction: BTC/USD hits barriers as selected altcoins rally

Bitcoin price has not been able to rise above short term barriers at $11,600. However, recovery from the levels slightly above $11,100 was steady. The largest cryptocurrency is holding above $11,500 and trading at $11,530 at the time of writing. Since the beginning of the week, the mission has been to sustain action beyond $12,000 but Bitcoin bulls lost balance giving way to the dive towards $11,000.

While Bitcoin stalls within the range at $11,500 and $11,600, some selected altcoins are seen spiking massively, even clocking new all-time highs. Chainlink, for instance, continued with the upward push for gains towards $20. The crypto asset traded new all-time highs around $17 before retreating to confirm support at $16 as discussed earlier. Chainlink also rallied in terms of market share, toppling Bitcoin Cash to become the fifth-largest cryptocurrency.

Other altcoins performing beyond expectations include Tezos, which recently rose to highs of $4.4, Cosmos is up 15.18% in the last 24 hours, while IOTA is trading 11.68% higher. Some DeFi projects are also doing well, take, for instance, Maker is up 14.78%.

Bitcoin technical update

The daily chart shows the price pivotal in a wide range between $11,000 and $12,000. Indicators such as the RSI and the MACD are moving sideways, in a way, confirming the possibility of consolidation taking place. Support at $11,500 remains key for the next phase of gains towards $12,000. Other support areas to keep in mind include $10,500, the main trendline (continuous line), the 50-day SMA at $10,000 and the 200-day SMA at $8,896.

BTC/USD daily chart