Bitcoin price has worked very positively in recent weeks and has reached $11,288.56, the highest point in more than a year. The entire crypto market is excited about the future of the space and the digital currency could still have enough steam to keep growing.
BTCUSD Dominant Trend: Bullish
Resistance Levels: $12,200, $12,400, $12,600
Support Levels: $9,200, $9,000, $8,800
Bitcoin Price Analysis
The Bitcoin bulls are currently at their highest level since the beginning of this year. Bitcoin not only surprised a lot by breaking the key resistance at $10,000, but the bitcoin price also formed new highs in 2019 for $11,288. On the intraday chart, Bitcoin corrected 2.11% on Monday, while the session opened at $10,834. The withdrawal on the opening price proved support at $10,500 but reached a minimum of $10,579.46 before returning to the day’s high of $11,089.70. On the positive side, the bullish momentum is immediately limited by resistance to the day’s maximum ($11,089.70) and the market price is well above the 55-day moving average, which is close to the upper limit of the Bollinger band. If Bitcoin manages to overcome this resistance, $11,100 will be the next key position. A break above this level could pave the way for a new assault at $12,200. In addition, Bitcoin price has the technical potential to exceed its recent highs of 2019 and around $12,600.
On the other hand, if we look at the chart below, the main supports are $9,200, $9,000 and $8,800, below which there is a risk of prolonged Bitcoin decline. In addition, the following key support is close to the $8,600 level, followed by the crucial level of $8,400. As the chart shows, the Bitcoin price is clearly facing a daunting task close to the $11,100 and $11,150 levels. In general, if the bulls remain in action, perhaps they could push the price above the $11,200 and $11,300 levels. In the mentioned bullish case, its next goal could be close to $11,500, or even $12,000. In addition, the upward momentum is supported by the Relative Strength Index (RSI), which is forming a higher low pattern and is above average at the time of writing. For support, $10,000 is immediate support. The 55-day moving average of 4-hour will work as another support line currently at $9,826.24.