Bitcoin Price Analysis: BTC Again Eyes Bearish Path, Fails to Remain Above $11400

  • Bitcoin has recently started to make a move below $11379.28 after it traced a bullish trend line
  • BTC couldn’t clear resistance above $11400, pulled back even below $11330
  • The coin seems to have a support at $11311, carries a selling pressure
  • Bitcoin is currently below its 5-day SMA of $11416.14

Bitcoin has recently faced strong rejection above $11400 against U.S.Dollar and the coin is again trading around $11350. Also, it is to be seen how the major altcoins including XRP and ETH react to this price slump.

Bitcoin was at $11347.25 around 4 hours ago, and it soared as high as $11400 from there. The coin then pulled back to $11327 and continued to head downwards. BTC has even hit the bottom at $11311.25 with a decline of $0.78%. Finding a support there, the coin then rebounded to $11379.28 with a surge of 0.60%.

The coin has corrected down from there and is at $11346.60 at 11:10:53 UTC.

BTC/USD Price Chart

Bitcoin-Price-Chart

Bitcoin’s current price is higher than its 100-day SMA of $10768.11. Though the coin is 0.60% lower than its 5-day SMA of $11416.14. Bitcoin manifests a mild bearish vibe at the moment.

Bitcoin Price Prediction & Technical Indicators:

The MACD chart of BTC/USD is in bearish zone while having its MACD line below its Signal line. RSI for the coin is near 30, showing oversold momentum. As stated in BTC price forecast, Bitcoin may face resistance at $11,615.34 and $11,707.11 and support level at $11,340.05 and $11,156.53.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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