RATE Group | Bitcoin (BTC) Price Approaching Next Crucial Break: $11,500 Holds Key
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Bitcoin (BTC) Price Approaching Next Crucial Break: $11,500 Holds Key

10 Aug Bitcoin (BTC) Price Approaching Next Crucial Break: $11,500 Holds Key

Posted at 05:09h in Bitcoin News by

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  • Bitcoin price is still struggling to gain bullish momentum above the $12,000 resistance against the US Dollar.
  • The price is likely setting up for the next break either above $12,000 or towards $11,500.
  • There is a new contracting triangle forming with resistance near $11,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to accelerate higher once it clears the key $12,000 resistance level.

Bitcoin price is trading in a crucial range below $12,000 against the US Dollar. BTC price could either rally above $12,000 or it might decline heavily below $11,500.

Bitcoin Price Analysis

Recently, we saw a few bullish moves above the $11,500 support in bitcoin price against the US Dollar. The BTC/USD pair even settled above the $11,600 level and the 100 hourly simple moving average. However, the price faced a strong resistance near the $12,000 level. Moreover, there were many attempts by the bulls to overcome the $12,000 hurdle, but they failed.

At the moment, the…

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