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Price Analysis

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 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. Bitcoin may face resistance at $11,615.34 and $11,707.11 and support level at $11,340.05 and $11,156.53.

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Ruti Vora

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

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