RATE Group | Bitcoin Price (BTC) Testing Crucial Support: Can The Bulls Stage Recovery?
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Bitcoin Price (BTC) Testing Crucial Support: Can The Bulls Stage Recovery?

12 Jul Bitcoin Price (BTC) Testing Crucial Support: Can The Bulls Stage Recovery?

Posted at 07:03h in Bitcoin News by

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  • Bitcoin price declined sharply below the $12,000 support area against the US Dollar.
  • The price traded close to the $11,000 support and it is currently consolidating losses.
  • There is a key bearish trend line forming with resistance near $11,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could either recover above $11,400 or it might extend losses below the $11,000 support.

Bitcoin price reached the key $11,000 support area against the US Dollar. BTC is currently consolidating and seems to be preparing for the next move either above $11,400 or towards $10,800.

Bitcoin Price Analysis

Yesterday, we saw a sharp decline in bitcoin price below the $12,000 support against the US Dollar. The BTC/USD pair even settled below the $12,000 support area and the 100 hourly simple moving average. Moreover, there was a break below the $11,800 support and the $11,500 pivot level. The price traded close to the $11,000 support and formed a new weekly low at $10,958. Similarly,…

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