Bitcoin price rallied significantly above $12,000 and traded close to the $14,000 level. Recently, BTC to USD corrected lower sharply, but it stayed above the main $11,800 uptrend support area.

  • There were sharp gains in bitcoin above the $13,000 resistance area.
  • BTC/USD is holding a crucial bullish trend line with support near $12,450 on the 30-minute chart.
  • The price remains in an uptrend and it could soon climb back above $13,350.

Bitcoin Price

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Bitcoin Price Analysis (BTC to USD)

This week, bitcoin price gained more than 25% and broke the key $12,000 and $13,000 resistance levels. BTC/USD even broke the $13,500 level and traded close to the $14,000 level. A new multi-month high was formed at $13,765 before the price started a major downside correction.

Bitcoin Price Analysis (BTC to USD)

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair started a significant downside correction and broke the $13,500 and $13,000 support levels. There was even a break below the $12,500 support and the 25 simple moving average (30-minute).

The price declined below the 50% Fib retracement level of the last wave form the $10,802 low to $13,765 swing high. It sparked losses in Ethereum, ripple, bitcoin cash, stellar, cardano, tron, BNB and EOS as well.


However, the decline was protected by a crucial bullish trend line with current support near $12,450 on the same chart. The price also stayed above the 61.8% Fib retracement level of the last wave form the $10,802 low to $13,765 swing high.

It is currently recovering and is trading above the $12,800 level. An immediate resistance is near $13,050 and the 25 simple moving average (30-minute).

If there is a successful close above the 25 SMA, the price could test the $13,225 resistance. Any further upsides might restart the uptrend and push the price towards the $14,000 level.

Conversely, if there is a fresh decline, the trend line support may provide support near $12,450. If bitcoin price extends losses, it could revisit the $11,800 support area in the near term. Any further losses in BTC/USD could start a larger decline 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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