Bitcoin Price Analysis: BTC Goes All Bullish; Jumps Above $12k

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  • Bitcoin has been sustaining its bullish price momentum since yesterday morning; recently topped $12k
  • BTC price seems to have decent support near $11,650 and $11545, traces a bullish trendline there
  • The coin has recently corrected up from $11573.33, trades above $12100 while crossing major resistance near $11600 and $11900
  • Bitcoin is under buying pressure, as it has recently established the new 7-day high price

Bitcoin price has kick-started the ongoing month with an exciting bullish note, as the coin has steadily climbed above $12000 against U.S.Dollar. The recent price rally of Bitcoin has caused the overall crypto market to witness an uplift where its total market cap has reached as high as $310,103,672,328 whereas it was at $262,133,276,667 around a week ago.

Yesterday, the topmost crypto coin opened with its price at $10972.81 and it escalated with its full might from there and reached above $11600 clearing major resistance levels near $11000. Maintaining its bullish drive, BTC then topped $11857.22 and even crossed $11947.73, hitting higher high price points. Here the coin has traced a bullish trend line.

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After that, Bitcoin price took a downward correction near $11573.33 and the coin found major support there. BTC price sharply surged above $12100 from here. At 07:56:13 UTC today, Bitcoin value was trading at $12185.84. Over the last 24 hours, Bitcoin price has struck a massive surge of 10.85%.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

At present, the coin is more than 33% higher as compared to its 100-day SMA of $9151.65. As Bitcoin has recently surged above $12000, it has also traded well above its 5-day SMA.

BTC seems to have a strong support level near $11600 and $11500, and the recent price surge has caused a strong buying pressure for the coin.

Bitcoin Price Prediction & Technical Indicators:

MACD for the coin is volatile enough, though is in bearish phase at the moment. RSI for the coin is near 50, indicating stability. Price of Bitcoin may face further resistance at $12,488.18 and support level at $11,212.56.

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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