Bitcoin price started a solid upward move after completing its correction near $9,720. BTC to USD is now trading well above $11,500 and it could accelerate further towards $12,400 or $13,000.

  • There was a strong rise in bitcoin price above the $11,400 resistance area.
  • BTC/USD is likely to find support near $11,450 and a major bullish trend line on the 30-minute chart.
  • The price is showing many positive signs and it could continue to climb towards $12,200 or $12,400.

Bitcoin Price

Bitcoin Price Analysis (BTC to USD)

This week, bitcoin price started a fresh increase after forming a solid bottom near the $9,720 level. BTC/USD broke a few important resistances near $10,500 and $11,200 to move into a bullish zone.

Bitcoin Price Analysis (BTC to USD)

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair clearly gained pace after it broke the $11,200 resistance and settled above the 25 simple moving average (30-minute).

It cleared the path for more gains and recently the price surpassed a connecting bearish trend line with resistance near $11,400. The price climbed above the $11,800 resistance and it even spiked above $12,000s.

A new weekly high was formed near $12,060 and the price is currently correcting gains. It traded below the $11,850 support plus the 23.6% Fib retracement level of the last wave form the $11,053 low to $12,060 swing high.


On the downside, there are a few key supports near the $11,550 level and 25 simple moving average (30-minute). The 50% Fib retracement level of the last wave form the $11,053 low to $12,060 swing high is also near the $11,550 level.

Moreover, the price is likely to find support near $11,450 and a major bullish trend line on the same chart. If there are more losses below $11,450, the price could revisit the $11,050 swing low.

On the upside, an initial resistance is near the $11,850 level and a connecting bearish trend line. A successful close above the $11,850 and $12,000 resistances might spark a fresh rally in bitcoin. The next stop for BTC to USD could be near the $12,400 or $13,000 level in the near term.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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