Bitcoin Price Analysis: BTC Price Bulls Hustle to Reclaim $12k

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  • BTC breaks below $12k, stronger rebound expected
  • Bitcoin sees support near $11600, price recovers above $11700
  • The coin remains in buy phase despite the recent price fall

Bitcoin has been continuing its bullish trend against U.S.Dollar since yesterday, however, today’s price move by BTC was the most impressive one as it climbed above $12100 with a sharp surge. Although, over the last 4 hours, the coin has lost its price position above $12k.

Bitcoin was as high as $12183.04 and it maintained its bull-run till 10:12 UTC when it even hit the price point above $12300. Above the said price mark, BTC couldn’t fight the resistance and it took a downward move. The coin breached major support near $11951.10 and reached $11621.06. Here, the coin appears to have found decent support as BTC has started its recovery while tracing a bullish trendline.

At 11:30:55 UTC, Bitcoin was trading at $11788.32. In the last 4 hours, the leading crypto coin has decreased by 3.23%, however, looking at the coin’s promising nature, a significant price recovery can be anticipated.

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BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

Bitcoin’s current price is still 15.29% higher than its 100-day SMA of $10224.55 along with the current bullish vibe in the crypto market.

Bitcoin Price Prediction & Technical Indicators:

MACD chart for Bitcoin is lowly volatile and it just had a bullish crossover. RSI for the coin is at 50 showing no extremities. In accordance with future predictions for Bitcoin, BTC may see support at $$11,212.56 and resistance at $12,146.91.

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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 the world's leading digital currencies.

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