RATE Group | Bitcoin Won’t Surge Past $11k Just Yet: Indicators Show Vulnerability to Short-Term Corr…
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Bitcoin Won’t Surge Past $11k Just Yet: Indicators Show Vulnerability to Short-Term Corr…

13 Feb Bitcoin Won’t Surge Past $11k Just Yet: Indicators Show Vulnerability to Short-Term Corr…

Posted at 06:34h in Bitcoin News by

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Bitcoin extended its rise towards the $10,500 resistance area against the US Dollar. BTC is now showing signs of exhaustion and it could dip a few points before continuing higher.

  • Bitcoin price is struggling to gain momentum above $10,400 and $10,450 against the US Dollar.
  • The price traded to a new 2020 high at $10,492 and it is currently correcting lower.
  • There is a short term ascending channel forming with support near $10,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could dip towards the $10,300 support or $10,200 before it climbs above $10,500.

Bitcoin Losing Bullish Momentum

This week, bitcoin bounced back above the $10,000 resistance against the US Dollar. BTC price even broke the $10,200 resistance and the 100 hourly simple moving average.

Recently, there was a push towards the $10,500 resistance area, but the bulls failed to gain bullish momentum. A new 2020 high is formed near $10,492 and the price is currently correcting lower.

An initial support…

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