Bitcoin Price Analysis: BTC Trend Appears Volatile, Trades below $12,000

  • Bitcoin price touches $12,000 and beyond in intervals.
  • Or otherwise, BTC trades below $12,000, near its major support level of $11,800.
  • Also, trades below $11,500, but currently correcting upwards.

Bitcoin (BTC), after having a noteworthy stride in the past week, is currently facing a price correction phase. Bitcoin constantly trades with volatility in the upper range of $11,800 to $12,100 and slides in the lower range of $11,400 to $11,800. However, we anticipate that just as the coin traded with oscillations before breaching $11,000 in an effective manner, it may have a similar trade to breach $12,000 and beyond even more effectively.

BTC to USD Price Chart:

Bitcoin Price Prediction
Bitcoin Price Chart by TradingView

BTC to USD Price Comparison:

As observed from the above intraday movement of the coin, we see that BTC price has been stably moving towards the mid half of the day yesterday, with a sliding fall at the day end. However, the fall was predicted enough as the coin started its downhill from 12:00 UTC yesterday. This fall took BTC price to trade below its major support level of $11,500 and the coin traded as low as $11,465.51. Nevertheless, the fall was well covered by the steep rise, and it ranged above $12,000 at $12,045.41. Here the coin has surged by 5.05% from the bottom in no time on the same day. The coin is currently trading at $11,839.95, well above its lowest price of the past 24 hours and just 1.07% lower than the price mark observed above $12,000.

Technical Indicators and Bitcoin Price Prediction:

The coin is in its “strong-buy” phase and has its current trading price well above its 30-day EMA ($10,752.30) and 30-day SMA ($10,562.61).

The MACD of the coin appears quite volatile with a bearish outlook, which is due to the marked fall in the past 24 hours.

The RSI lays around 40 well above the extremities of being overvalued or undervalued.

As considering the current momentum and according to BTC price forecast, the coin is expected to trade around $15,000 to $20,000 by the end of the year.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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