|

Bitcoin Price Analysis: BTC/USD spirals on rejection at $12,000

  • Bitcoin plunges back to last week’s levels above $11,000 after rising to new 2020 highs.
  • BTC/USD is facing acute resistance at $10,400 despite having confirmed support at $11,200.

Bitcoin weekend action has been tremendous this weekend. In addition to staying above $11,000, the largest cryptocurrency has for the first time this year traded above $12,000. A new yearly high was reached at $12,158 (on Bitfinex) before a reversal took effect.

Following the reversal, BTC/USD is trading at $11,286 amid growing bearish momentum. The RSI’s downward action puts emphasis on the downtrend. A slide under the 70 (overbought) is likely to increase the retreat with Bitcoin resting support at $11,200.

With the support conformed at $11,200, BTC/USD is still dealing with the key seller zone at $11,400. This very key level to watch as it would give the bulls a push to the next resistance at $11,650. Glancing further up, $11,800 is another resistance that has been in the picture since March 2018. In addition, the psychological level of $12,000 – $12,100 which happens to be the new 2020 high will remain in the sight glass.

BTC/USD 1-hour chart

BTC/USD price chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.