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Price Analysis

Bitcoin Price Analysis: BTC Plunges Below $12k, How Far is its Next Surge?

  • Bitcoin is currently holding around $11500, appears a bit unstable
  • BTC loses its price position above 12k over a day
  • The coin currently has support near $11200, faces resistance above $11500
  • With moderate volatility, MACD for BTC is heading for a bearish crossover

Bitcoin slips to trade in the bearish zone. Yesterday’s bulls seem to be at a pause as the coin has traced a bearish price trend. The mentioned price fall has also affected other leading coins such as Ethereum and XRP, which is well below $300 and $0.33 respectively.

In the given 4-hourly chart of BTC, its price trend forms an impulsive pattern. The coin drops from $11539.41 to $11435 and corrects up above $11600. With such price turbulence, the coin even bottomed near $11338.98 breaking support near $11400. From here, it takes a rebound and keeps its price ranges around $11400 to $11500. 

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart by TradingView

Today, At 11:12:32 UTC, Bitcoin was trading at $11471.71, which is just below its 20-days SMA. the coin, however, is 4.57% lower than its 5-days SMA of $12021.93. Despite current price slump, Bitcoin is trading in “Buy” Phase.

Technical Indicators for Bitcoin:

MACD outlook for Bitcoin is volatile but is moving towards a bearish crossover. Also, the RSI for BTC is at just above 50 showing a stable momentum. It is likely to see major resistance above $11500 and near $12000, and support prices near $11300.

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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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