• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin Price Retreats From $14K, Dips Remain Attractive

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
Bitcoin (BTC) Price Watch: Another Day, Another Breakdown
Advertisement
Listen to Article
  • There were continuing gains in bitcoin price above the $13,000 resistance against the US Dollar.
  • The price traded close to the $14,000 level and later started a sharp bearish correction.
  • There is a key breakout pattern forming with resistance near $12,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to remain supported and it could climb higher once again above the $13,000 barrier.

Bitcoin price is trading nicely above the $11,500 and $12,200 support levels against the US Dollar. BTC price is currently consolidating and seems to be preparing for the next break.

Bitcoin Price Analysis

Yesterday, there was a sharp increase in bitcoin above the $12,000 target against the US Dollar. The BTC/USD pair even broke the key $13,000 barrier and settled well above the 100 hourly simple moving average. Finally, there was a solid run towards the $14,000 level. A new 2019 high was formed near $13,857 before the price started a short term bearish correction.

There was a sharp dip in bitcoin below the $13,000 and $12,400 support levels. Moreover, there was a break below the $12,000 pivot level and the price traded close to the 100 hourly simple moving average. However, the $11,550 level acted as a strong support. Besides, the price stayed nicely above a major bullish trend line with support at $11,850 on the hourly chart.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

BTC is currently correcting higher and is trading above $12,250. It settled above the $12,000 pivot level and traded above the 50% Fib retracement level of the last decline from the $13,857 swing high to $11,539 low. There was a spike above the $13,000 level, but the $13,300 level acted as a resistance. Moreover, the 76.4% Fib retracement level of the last decline from the $13,857 swing high to $11,539 low acted as a hurdle.

At the outset, there is a key breakout pattern forming with resistance near $12,950 on the hourly chart of the BTC/USD pair. If there is an upside break, the price might start a fresh increase towards $13,000 and $14,000 in the near term. If not, there is a risk of another drop towards the $12,000 or $11,850 support before a fresh increase.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly correcting recent gains and is trading above the $12,000 pivot level. As long as there is no daily close below $11,500, the price remains well supported for more gains.

Technical indicators:

Hourly MACD – The MACD is currently losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just below the 50 level, with a bearish angle.

Major Support Levels – $12,200 followed by $12,000.

Major Resistance Levels – $13,000, $13,300 and $13,800.

Tags: bitcoinbtc
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Ethereum

Ethereum Could See an Explosive Move Higher Following Massive 20% Surge

13 mins ago
bitcoin bear trend adx

Bear Trend Begins To Take Hold In Bitcoin For First Time Since October 2020

1 hour ago
Bitcoin

Bitcoin Tests a Critical Resistance Following Overnight Rebound; What’s Next?

5 hours ago
Polkadot (DOT)

Charted: Polkadot (DOT) Holding Gains Despite Sharp Drop in BTC and ETH

14 hours ago
Ethereum

TA: Ethereum Starts Recovery, Why ETH Could Face Resistance Near $1,250

16 hours ago
TA: Bitcoin Nosedives To $28.5K, Why Important Support Turned Resistance

TA: Bitcoin Nosedives To $28.5K, Why Important Support Turned Resistance

18 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.