• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Bitcoin

Key Reasons Why Bitcoin Must Clear $11,500 For Hopes of a Fresh Rally

Aayush Jindal by Aayush Jindal
2 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Bitcoin price is currently struggling to clear the $11,500 and $11,550 resistance levels against the US Dollar. BTC could start a steady increase if it clears the $11,500 resistance.

  • Bitcoin is trading in a range below the $11,650 and $11,550 resistance levels.
  • The price is facing a major hurdle near $11,500, $11,550, and the 100 hourly simple moving average.
  • There is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either break the $11,550 barrier or slide further below the $11,100 support.

Bitcoin Price Facing Hurdles

Bitcoin price started a short-term upside correction from the $11,100 support against the US Dollar. BTC recovered above the $11,200 and $11,400 levels, but it faced a strong resistance near the $11,500 level.

A high is formed near $11,540 and the price is still well below the 100 hourly simple moving average. It is currently declining and trading below $11,400. There was a break below the 23.6% Fib retracement level of the recent recovery wave from the $11,100 swing low to $11,540 high.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The next major support is near the $11,330 level since it is close to the 50% Fib retracement level of the recent recovery wave from the $11,100 swing low to $11,540 high. It seems like there is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC/USD pair.

Bitcoin

Bitcoin price trades below $11,500. Source: TradingView.com

On the upside, the bulls are facing a major hurdle near the trend line, $11,500, $11,550, and the 100 hourly simple moving average. These are key reasons why a successful close above the $11,550 level and the 100 hourly SMA is must to increase chances of a fresh increase.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The next major resistance is near the $11,700 level, above which bitcoin could attempt an upside break above the $11,800 level in the near term.

Downside Break in BTC?

If bitcoin fails to recover above the $11,500 and $11,500 levels, there could be another bearish reaction. The first major support is near the $11,330 and $11,300 levels.

The main support is now forming near the $11,100 level, below which there is a risk of more losses below the $11,000 support. The next major support could be $10,500.

Technical indicators:

Hourly MACD – The MACD is slowly moving back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to move above the 50 level.

Major Support Levels – $11,300, followed by $11,100.

Major Resistance Levels – $11,500, $11,550 and $11,700.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
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

Polygon Price May Surpass $1.50 in February: Here's Why

Polygon Price May Surpass $1.50 In February – Here’s Why

8 hours ago
Bitcoin Network

Craig Wright Wants His $2.5 Billion, Demanding For a Bitcoin Hard Fork

1 day ago
Bitcoin

Don’t Get Too Greedy On Bitcoin, Analyst Suggests, Here’s Why

2 days ago
bitcoin price bear

Will Bitcoin Price Return To $20,000? Here’s What Investors Expect

2 days ago
fetch ai fet chatgpt

Fetch.AI (FET) Soars 20% In Under 24 Hours As AI Arms Race Hastens

2 days ago
Polkadot

Polkadot (DOT) Gains 6% In One Day As Market Sees Correction

2 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Big Eyes Coin Presale Crosses $22 Million Mark, Indonesia Plans Launch of Crypto Exchange in June

February 5, 2023

Presenting LYOPAY Pro – An Innovative Payment App Connecting Traditional Finance with Digital Currency

February 5, 2023

Dogecoin (DOGE) And Fantom (FTM) Make Appreciable Profits As Orbeon Protocol (ORBN) Moves Closer To 700%

February 5, 2023

Monero (XMR) and Dogecoin (DOGE) are Popular Twitter Crypto Recommendations. Here’s Why Savvy Investors Choose Snowfall Protocol (SNW) Instead

February 5, 2023

Price Predictions for Polygon (MATIC), Uniswap (UNI), and Snowfall Protocol (SNW) for 2023 – 2030

February 5, 2023

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 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.