Bitcoin Price Forecast: BTC/USD motionless under $12,000 while DeFi’s Yearn.finance breaks barriers
|- Bitcoin now trails Yearn.finance (YFI) as the second most expensive digital asset in the world.
- Bitcoin price slows down the uptrend in favor of consolidation above $11,600 ahead of a breakout towards $12,000.
Bitcoin price managed to break above some of the barriers discussed on Friday. These included $11,400 and $11,500 and $11,600. Although the price rose to highs past $11,700, it failed to gather the momentum to overcome the next hurdle at $11,800. At time of writing, a reversal is underway with BTC trading at $11,690. Bitcoin bulls are working extra hard to keep the price above the first support at $11,600.
Meanwhile, Bitcoin has been toppled from the throne of being the most expensive cryptocurrency in the world. Neither is it the digital asset that hit the highest all-time high thanks to the decentralized finance (DeFi) darling, Yearn.finance. The weekend was particularly yielding for this token as it rocketed to trade a new all-time high of $38,983. At the time of writing, YFI has retreated to trade at $32,957 as it seeks support above $30,000.
Bitcoin technical analysis
Bitcoin is slightly in the hands of the bulls despite suffering rejection slightly above $11,700. The MACD, in the 4-hour range, has crossed into the positive region. Moreover, a bullish divergence from the MACD cements the growing presence of the bulls in the market.
On the other hand, the RSI is sending a different signal as it drops towards the mean line. The downtrend, could also be highlighting the possibility of consolidation taking over above $11,600 (200 SMA). With this as a formidable support area, buyers can then comfortably focus on breaking above $12,000 in the course of this week. Apart from this support, other levels of good buyer congestion include the 50 SMA at $11,538, $11,400 and the primary support at $11,100.
BTC/USD 4-hour chart
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