This morning, Bitcoin price surpassed the $11,500 level, showing signs of strength as it approaches its next target of $12,000. The coin traded at a high of $11,700 during the day.
BTC Upside Confirmed, Headed Toward $12,000
The upside for BTC has been confirmed following its recent price movements. After holding above the $11,500 price level, the next stop would be $12,000 if the current trend continues. A major bullish trend has formed heading toward its daily peak of $11,700 for the second time today — this is the resistance level that needs to be tested. A major support level was established at $11,400.
For the next few hours, we’re more likely to see a drop in volatility compared to earlier, and a possible BTC price range is $11,500 to $11,600, which is in line with its 20-day moving average.
In addition, trading volume has picked up, so there are further gains to be had later today. This is also indicated by the MACD lines. If BTC manages to hold at around $11,600 like it’s doing now, then a move past $11,700 is just a matter of time in the short horizon.
Looking at the Technical Indicators:
- Hourly MACD — Bullish signal
- Major Resistance Level — $11,700
- Major Support Level — 11,400
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