- Bitcoin recovery from the dip to $11,100 stalls under $11,500 as selling activities intensify across the market.
- BTC/USD could be treated to a relatively smooth ride above towards $12,000 as long as the hurdle at $10,552 is overcome.
Bitcoin price has been forced to explore lower levels heading to $11,000. The move came into the picture after multiple failed attempts at sustaining gains above $12,000. Sellers have also been keen on revenging the impressive price action Bitcoin has achieved in less than three weeks.
Bitcoin hit a yearly high in addition, it appears to have established support at $11,000 if not $11,100 in spite of the losses incurred in the last 24 hours. BTC/USD is trading at $11,375 at the time of writing. Bulls are focused on building on the shallow recovery from the short term support at $11,100. However, it is apparent that this recovery will not come easy especially with the first confluence resistance at $10,552.
According to the confluence tool, the indicators in this zone ($10,552) range from the Fibonacci 38.2% one-day, the previous month high, the 100 SMA 15-minutes to the Fibonacci 61.8% one-week. It is the strongest seller congestion area which means that if broken the path towards $12,000 would be relatively easy.
However, there are other significant resistance zones as highlighted by the confluences at $11,670 and $11,789. The indicators at the latter zone include the SMA 200 15-minutes, SMA 50 1-hour, the Bollinger Band 1-hour upper and the Bollinger Band 4-hour middle. Similarly, the indicators in the zone at $11,670 are the previous high 15-minutes, the Bollinger Band 15-minutes upper curve, the previous high 4-hour and the Bollinger Band 1-hour middle.
On the downside, initial support is seen at $11,197 as highlighted by the previous low 1-hour, the Bollinger Band 15-minutes lower curve, the previous low 1-hour and the Fibo 38.2% one-week. The second key support is shown at $11,079; a confluence formed by the previous day low and the Bollinger Band 1-hour upper. Other key support levels include $10,961, $10,606 and $10,487.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin holds $84,000 despite Fed’s hawkish remarks and spot ETFs outflows
Bitcoin is stabilizing around $84,000 at the time of writing on Thursday after facing multiple rejections around the 200-day EMA at $85,000 since Saturday. Despite risk-off sentiment due to the hawkish remarks by the US Fed on Wednesday, BTC remains relatively stable.
Crypto market cap fell more than 18% in Q1, wiping out $633.5 billion after Trump’s inauguration top
CoinGecko’s Q1 Crypto Industry Report highlights that the total crypto market capitalization fell by 18.6% in the first quarter, wiping out $633.5 billion after topping on January 18, just a couple of days ahead of US President Donald Trump’s inauguration.
Top meme coin gainers FARTCOIN, AIDOGE, and MEW as Trump coins litmus test US SEC ethics
Cryptocurrencies have been moving in lockstep since Monday, largely reflecting sentiment across global markets as United States (US) President Donald Trump's tariffs and trade wars take on new shapes and forms each passing day.
XRP buoyant above $2 as court grants Ripple breathing space in SEC lawsuit
A US appellate court temporarily paused the SEC-Ripple case for 60 days, holding the appeal in abeyance. The SEC is expected to file a status report by June 15, signaling a potential end to the four-year legal battle.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.