Bitcoin Price Watch – BTC/USD Fails To Hold $11,000

Bitcoin price briefly surpassed the critical $11,000 level today before dropping back down. Currently, the coin is trading around $10,900 as of 3 PM EST. On the bright side, it almost reached a high of $11,200 earlier today, and it’s been stabilized at around $11,000 throughout most of the week. Importantly, BTC has been trading above $10,000 since Tuesday.

BTC/USD On Another Bull Run?

Despite not being able to hold $11,000 several times, a bullish trend has formed for BTC. A major support level was set at just above $10,750. A series of highs have been broken through since then, testing a major resistance of $11,050. This is one of the longest bullish trend (in terms of hours) BTC has been on this week.

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In addition, BTC trading volume picked up during earlier hours, but it was still not comparable to the levels seen in January. Recent volumes may also be a reason that BTC couldn’t completely break above $11,000 and go beyond.

Source: Tradingview

On the technical side, the 20-day moving average indicates that BTC could break out soon and may test $11,000 again. The MACD line is also showing a weak bullish sign, but the real indication comes from the candlestick patterns.

A head-and-shoulders pattern was formed just before the bullish trend. The ascending trend line is likely to continue for a while and a bullish reversal is imminent. The most optimistic scenario is for BTC to approach or even surpass $11,000 later in the day, and there’s a good chance this happens.

Looking at the Technical Indicators:

  • Hourly MACD — BTC is in a bullish zone
  • Candlesticks and Moving Averages — A bullish pattern is established
  • Major Support Level — $10,750
  • Major Resistance Level — $11,050

Featured Image: Twitter

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