Bitcoin Price Analysis: BTC/USD spikes to $11,600 and drops to $11,340 within one hour

It seems that some positive news from the Federal Reserve made Bitcoin jump to $11,600 within one hour.
The move didn’t last for longer than a few minutes and Bitcoin is down again at almost its initial price.

Lorenzo Stroe Independent Analyst

Bitcoin price is currently around $11,360 after a failed attempt by the bulls to climb above $11,600 following some positive comments from Jerome Powell.

BTC/USD 15-minute chart

We can clearly see the first three green candlesticks moving Bitcoin towards $11,600 and the next three giving all the gains back and even droppìng lower. The overall sentiment of Bitcoin continues being positive despite the recent downtrend.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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