Bitcoin Price (BTC) Testing Crucial Support: Can The Bulls Stage Recovery?
- Bitcoin price declined sharply below the $12,000 support area against the US Dollar.
- The price traded close to the $11,000 support and it is currently consolidating losses.
- There is a key bearish trend line forming with resistance near $11,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price could either recover above $11,400 or it might extend losses below the $11,000 support.
Bitcoin price reached the key $11,000 support area against the US Dollar. BTC is currently consolidating and seems to be preparing for the next move either above $11,400 or towards $10,800.
Bitcoin Price Analysis
Yesterday, we saw a sharp decline in bitcoin price below the $12,000 support against the US Dollar. The BTC/USD pair even settled below the $12,000 support area and the 100 hourly simple moving average. Moreover, there was a break below the $11,800 support and the $11,500 pivot level. The price traded close to the $11,000 support and formed a new weekly low at $10,958. Similarly, there were heavy losses in , BCH and .