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Price Analysis

Bitcoin Price Analysis: BTC Consolidates Above $10,600, Expected to Cross $11k

  • Bitcoin is above $10,600 since 07:04 UTC today; last 4 hours manifest major spikes above $10,700
  • BTC seems to have support near $10,670.90, steadily correcting up from there
  • If the bullish trend remains intact, further acceleration above $11,500 can be anticipated

Bitcoin is currently marching towards $11,000 against U.S.Dollar at a steady pace. With this BTC uptrend, the overall crypto markets’ Market Cap also has escalated from $269,950,836,231 to $279,119,530,773 within a day.

At 07:15 UTC, Bitcoin was at $10,743.19 and it saw a major and rapid drop to $10,652 with a price decline of 0.84%. BTC corrected up from there to $10,714.57 and it maintained its price range between $10,673.90 to $10,731. Later, the coin traced a price hike at $10,738.81 and it pulled back from there to $10,670.90. BTC has found decent support at the said point and is rebounding up from there. 

At 11:16:01 UTC, Bitcoin is trading with its price at $10,711.35.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

Bitcoin’s current price is hovering around its 50-day SMA ($10,781.22) and is above its 5-day SMA ($10,378.75). Also, its short-term SMA line is above its long-term SMA, pointing out towards a bullish price trend of BTC. The coin is trading in the ‘buy’ phase.

Bitcoin Price Prediction & Technical Indicators

The MACD chart of Bitcoin is in bullish zone but seems to be heading for a bearish crossover. RSI for the coin is near 50, showing no extremities. Bitcoin may see resistance at $10,883.54 if it trades above $10,750. While it may see support levels at $9,779.6 and $9,949.34 if it breaches the price level of $10,147.58.

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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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