Bitcoin Price Analysis: BTC Struggling to Top $12,000; Faces Rejection Above $11800
- Bitcoin still awaits a bullish push to jump above $12,000
- The coin is going through a strong resistance as it has not been able to trade above $11876 once it dropped from $11951.02
- BTC is currently correcting up from $11829.71
Bitcoin was above $12k for a few hours yesterday, and since then the coin is battling with resistance above $11,800 to surge above $12k again against U.S.Dollar.
The coin was above $11836.95 4 hours ago, and from there it steadily surged above $11951. This instigated a hope that the coin will go beyond $12,000 today. However, BTC couldn’t stay above $11900 and pulled back quickly near $11876.24. The coin eventually hit the price point near $11829.71 with a decrease of 1.02%. Here, BTC price seems to have found support to trace a recovery as the coin has bounced up from there.
After an upward correction, at 11:45:15 UTC, Bitcoin was at $11827.94.
BTC/USD Price Chart
As the coin has recently fallen from above $11951, the coin has slipped below its 5-day SMA. Though, notably, Bitcoin is 13.88% up as compared to its 100-day SMA of $10386.10. Additionally, Bitcoin is currently under buying pressure. As per our Bitcoin value predictions, Bitcoin may face major resistance at $12,174.74 and $12,407.51 and support at $11,571.45 and $11,200.93.
Also, the crypto community is eagerly eyeing the next and power-packed bull-run in Bitcoin price as a post surfaced from Crypto Bitlord’s twitter account that says,
Literally, everyone knows $BTC is going to moon
— CRYPTO BITLORD (@Crypto_Bitlord) August 8, 2019
Bitcoin Price Prediction & Technical Indicators:
The MACD chart for Bitcoin is currently heading for a bearish crossover and RSI for BTC/USD is near 40 showing no extremities.
