Bitcoin (BTC) Remains Stagnant Below $11,400, Exhibits No Sign of Recovery At Present

  • Bitcoin pulls back with a similar speed just as it bounced beyond $12,000.
  • Although, the staying power beyond $12,000 remains less and BTC slides down.
  • But this time maintains a range above $11,000, even though with a bearish outlook.

Bitcoin has failed to remain above $12,000 since past 1-week, and it’s been 3-days that it is trading below $11,400 with support at $11,100. Bitcoin can only have a price rally if it clears resistance above $11,500 and $11,800. Although the coin has never failed to hold true to its investors and loyalists’ expectations, Bitcoin investment is a pure gain, the mantra remains same, “Buy BTC when the price is plunging, sell and earn while there is a price rally.”

BTC to USD Chart:

Bitcoin Price Prediction
Bitcoin Price Chart by Tradingview

BTC to USD Price Comparison:

Bitcoin faces major resistance at $11,400 and $11,550, to have an effective bullish outlook. With this, the coin currently trades at $11,347.44 as on 13th August at 04:49 UTC. As observed from the above 1-day chart, BTC was trading near its major support level of $11,500 at $11,516.01, yesterday. The coin then slid down in the extreme bearish zone trading at $11,250.00 around 12:00 UTC. Within a few hours, BTC price soared by a slight margin of 1.83% and traded at $11,456.20. Since then the coin has been showing a flat trend and currently trading with a slight decrease of 0.49% from the latter price mark.

Technical Indicators and BTC Price Prediction:

The coin’s trading price 7.13% more than its 30-day SMA being $10,591.43 and almost equivalent to its 10-day EMA ($11,347.94) exhibiting a buy signal.

The MACD of the coin is in the negative zone but with a bullish outlook as the MACD line just crossed the signal line.

The RSI of the coin is slightly below 50 and shows no extremities at present.

As per BTC forecast, Bitcoin is expected to have a bullish outlook by the end of the year and trade around $15,000 to $20,000 in the said time frame.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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