- Bitcoin price struggle to secure support at $11,600 following rejection from $11,800.
- BTC/USD is likely to create fresh demand at lower price levels; preferably the support at $11,400.
Bitcoin price action is capped under $12,000. Moreover, increasing selling activity is putting pressure on support levels at $11,600 and $11,400. For example. The failure to hold above $11,800 on Monday has seen the price spiral below $11,700 to trade at $11,695 at the time of writing.
The longer Bitcoin takes before reclaiming the ground above $12,000, the stronger the bearish case becomes. In addition more investors are likely to start looking elsewhere (altcoins) for price action if BTC holds the within the narrow range ($11,600 - $11,800).
Buying activities are not necessary absent but at the moment, they are not enough to sustain bullish action towards and $12,000. If we take wider scope of Bitcoin technicals using simple indicators such as the RSI, we see a consolidation picture vividly illustrated. The RSI is moving in a leveling motion at 56.82 after losing ground from the overbought.
The MACD, on the other hand, is putting emphasis on the bearish influence the sellers have over the price. Besides, the downward trend, there is a minor bearish divergence from the MACD. If the trend remains unchanged, Bitcoin could potentially break down to retest support at $11,400.
BTC/USD daily chart
 (25)-637339322664997058.png)
Bitcoin confluence levels
Resistance one: $11,756 – Home to the Bollinger Band 1-day middle curve, the SMA 100 4-hour, the previous high 4-hour, the Fibo 23.6% one-day and the SMA 200 1-hour upper curve.
Resistance two: $11,878 – This the strongest resistance zone. It is highlighted by the previous high one-day, the pivot point one-day resistance one and the Fibo 38.2% one-week.
Support one: $11,634 – Home to the Bollinger Band 15-minutes lower curve, the previous low one-hour, the Bollinger Band 4-hour middle and the previous low 4-hour.
Support two: $11,513 – The strongest support as highlighted by the confluence tool. It is home to the Fibo 161.8% one-day, the previous month high, the previous week low and the pivot point one-day support two.
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
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.