Bitcoin is declining and trading well below the $12,000 pivot level against the US Dollar. BTC must stay above the $11,100 support zone to start a fresh increase in the near term.
- Bitcoin is struggling to recover and it is trading well below $12,000 and $11,800.
- The price is currently holding a couple of strong supports above $11,350 and $11,100.
- There was a break above a connecting bearish trend line with resistance near $11,610 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is struggling to recover above $11,700 and it is trading well below the 100 simple moving average (4-hours).
Bitcoin is Facing Hurdles
This past week, bitcoin, Ethereum and ripple started a major downside correction against the US Dollar. BTC settled below the key $12,000 pivot level to move into a short-term bearish zone.
The decline gained pace once the price broke the $11,800 support and settled below the 100 simple moving average (4-hours). It even spiked below the $11,500 support level and tested the $11,350 support region.
Bitcoin price breaks $11,500. Source:Moreover, there was a break above a connecting bearish trend line with resistance near $11,610 on the 4-hours chart of the BTC/USD pair. It seems like bitcoin is facing a strong resistance near $11,700 and $11,800.