fxs_header_sponsor_anchor

Bitcoin Price Analysis: BTC/USD returns to $11,500 area after modest recovery

  • Bitcoin erased a small portion of weekly losses on Saturday.
  • BTC/USD could continue to push lower toward $11,200.
  • First stiff in near-term resistance aligns near $12,000.

Following a drop to its lowest level in more than a week at $11,370, Bitcoin (BTC/USD) reversed its direction and gained 1.25% to close at $11,670. However, the pair struggled to preserve its recovery momentum on Sunday and was last seen posting small daily losses around $11,570. Meanwhile, the pair remains on track to snap its four-week winning streak.

Bitcoin technical outlook

Bitcoin continues to trade below the 20-day SMA, which is currently located near $11,700. The Fibonacci 23.6% retracement of the late-July to mid-August uptrend is strengthening this area as resistance. Above that level, $12,000 (psychological level) could be seen as the next significant hurdle and only a daily close beyond it could help Bitcoin gather bullish momentum.

Supports, on the other hand, align at $11,370 (August 22 low), $11,200 (Fibonacci 38.2% retracement) and $10.850 (Fibonacci 50% retracement).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.