- The downside movement triggered more losses to see the price slide below $11,000.
- Bitcoin price correcting higher and consolidation expected above $11,000.
Bitcoin price slides below $11,000 on Tuesday after failing to maintain the momentum during Monday trading. The currency is down 4% in today’s trading. BTC/USD is trading $10,919 down from the opening price of $11,403.
The current news say that the presidents of North Korea and South Korea will be meeting for a summit scheduled at the end of April near the border. Besides, the reports say that North Korea was going to have talks with the U.S leading towards normalization of the relations. With North Korea denuclearization, the traditional markets are expected to be back in Rick-on mood while alternative markets fall evident by the sudden drop in Bitcoin price.
Bitcoin price rose during yesterday trading to highs of $11,660 before closing the day under the inverse head-and-shoulders neckline resistance at $11,600. The downside movement has led to more declines in price as Bitcoin is testing the support level at $10,850.
The price is trading below both the 50-simple moving average and the 100-simple moving average which meet at $11, 498 on the intraday chart. This means that BTC/USD price could consolidate above the $11,000 mark. The price resisting the inverse head-to-head shoulders neckline and dropping below $11,000 level is presenting a shaky ground for the bulls. On the upside, the immediate resistance now rests at $11,900 level. A break past this level could see the price trade near the major resistance level at $11,000.
BTC/USD price chart
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