RATE Group | Bitcoin (BTC) Price Is Trading In Uptrend But Can Bulls Clear $12K?
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Bitcoin (BTC) Price Is Trading In Uptrend But Can Bulls Clear $12K?

09 Aug Bitcoin (BTC) Price Is Trading In Uptrend But Can Bulls Clear $12K?

Posted at 06:47h in Bitcoin News by

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  • Bitcoin price is trading above a couple of important supports near $11,800 against the US Dollar.
  • The price could rally sharply if there is a successful close above the $12,000 resistance.
  • There was a break above a major contracting triangle with resistance near $11,860 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is showing positive signs, suggesting high chances of an upside break above the $12,000 level.

Bitcoin price is struggling to clear the key $12,000 resistance against the US Dollar. However, BTC price could climb higher as long as it is above the $11,500 support.

Bitcoin Price Analysis

Recently, there was a minor downside correction in bitcoin price from the $12,000 resistance against the US Dollar. The BTC/USD pair traded below the $11,800 support. Moreover, there was a break below $11,650 and the 100 hourly simple moving average. However, the price found a strong buying interest near the $11,500 support area. A swing low was formed near $11,495…

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