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.

Tags

Ruti Vora

Ruti has recently joined CryptonewsZ as a writer and has been writing on other cryptocurrency sites as well. Having a background of tech field makes her versatile with a keen interest in literature. You will find her surrounded by books and music when she is not on work. You can also contact her on Linkedin or Facebook.
Event Information
Event Information
Back to top button