RATE Group | Bitcoin Price Hits $11.5K Target: BTC Up 8%, Dips Well Supported
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Bitcoin Price Hits $11.5K Target: BTC Up 8%, Dips Well Supported

05 Aug Bitcoin Price Hits $11.5K Target: BTC Up 8%, Dips Well Supported

Posted at 08:10h in Bitcoin News by

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  • Bitcoin price rallied more than 8% and climbed towards $11,500 against the US Dollar.
  • The price traded as high as $11,646 and it is currently correcting gains.
  • There is a key bullish trend line forming with support near $10,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is trading with a positive bias and dips remain well supported near $11,500 and $11,200.

There were solid gains in bitcoin price above $11,000 against the US Dollar. BTC price is up more than 8%, broke the $11,200 hurdle, and it tested the $11,500 resistance area.

Bitcoin Price Analysis

In the past two days, there was a steady rise above $10,500 in bitcoin price above $10,000 against the US Dollar. The BTC/USD pair settled above the $11,000 resistance and the 100 hourly simple moving average to move into a positive zone. Moreover, the price broke the $11,200 resistance and tested the $11,500 resistance (as discussed in the weekly forecast). The recent rise was strong as the price traded to…

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