Bitcoin Price Analysis: BTC Rebounds After Steady Fall Below $11,200

  • Bitcoin has recently started an upward price move against U.S.Dollar
  • BTC seems to have support near $11,193, price starts to recover from there
  • The bearish trendline has been breached near the mentioned support level of $11,193

Bitcoin has been going through quite a bearish phase since many days till now against U.S.Dollar. The coin has seen a steady price fall which was followed by a rebound over the last 4-hours.

Bitcoin was above $11,353 at 7:45 UTC and the leading crypto coin tapped on a strong downtrend from there. BTC has also traced a bearish trendline which also forms a lower high pattern with three spikes. The coin gradually dropped to $11,192.46 and found support there to strike a surge.

It has increased from there and had its first lower high at $11,202.72 and second lower high at $11240. The coin has maintained an uptrend after that and is at $11,244.00 at 11:44:02 UTC.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

BTC’s current price is 3.31% higher than its 100-day SMA of $10,883.15, but is below its 5-day SMA. The coin carries a selling pressure at the moment.

Also, massive financial firm, Goldman Sachs has recently given its statement regarding Bitcoin’s price scenario. A tweet from “CNBC’s Fast Money” reveals,

Bitcoin Price Prediction & Technical Indicators:

MACD chart of BTC/USD is moderately volatile and indicates a bearish momentum as the MACD line is below the Signal line. RSI for the coin is around 40 showing no extremities. The coin may face resistance at $11,500.22 and support at $11,203.35.

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