- Bitcoin price approaches $12,000 but first, it must pass the most critical test $11,899.
- BTC/USD is technically ready to take down the resistance at $12,000 but low trading volume is the stumbling block.
The cryptocurrency market has slowed down the bullish momentum. Last week was as though Bitcoin was on steroids. In addition to sustaining gains above $10,000, BTC rocked above $12,000. The largest cryptocurrency traded a new yearly high at $12,145 before retreating to test and confirm support at $10,400.
Since Monday, the mission has been to recover the lost ground and extend the action started above $12,000. At the moment, Bitcoin is trading at $11,821 after growing by 0.41% on the day. However, the trend remains relatively bearish amid shrinking volatility. This means that it would take a stronger effort to bring down the resistance at $12,000.
The daily chart clearly shows that buyers are in control. The RSI seems to be extending action in the overbought region while the MACD features a small bullish divergence within the positive area. In addition, the 50 SMA continues to maintain the gap above the 200-day SMA. In other words, Bitcoin price is technically healthy and prime for a breakout past $12,000 but it lacks the volume to actualize this move.
 (15)-637323731079039896.png)
Bitcoin confluence levels
The confluence detector tool highlights the strongest resistance at $11,899. Some of the indicators in this zone include the previous high 15-minutes, the SMA five 15-minutes, the SMA ten 15-minutes and the previous high 1-hour. Bitcoin requires a massive boost above this level to gain momentum for gains past $12,000.
Glancing higher, $12,022 stands out as another key zone that must come down for BTC bulls to achieve their desire of trading at new yearly highs. Indicators in this zone include the previous high one-day, the Bollinger Band 15-minutes upper curve, the previous high 4-hour, the Bollinger Band 1-hour upper and the pivot point one day resistance one. Other hurdles to keep in mind include $12,268, $12638 and $13,130.
When it comes to the support levels, Bitcoin will seek refuge initially at $11,776 as highlighted by the SMA ten 4-hour, the previous low 4-hour and the Bollinger Band 15-minutes lower curve. The most important support is seen at $11,530 and is home to the pivot point one-day support two, the SMA 100 1-hour, the previous month high and the previous week high. Other lower support areas include $11,407, $11,037 and $10,914.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?