{"id":392728,"date":"2019-08-10T04:08:31","date_gmt":"2019-08-10T04:08:31","guid":{"rendered":"https:\/\/ktsl888.com\/?p=392728"},"modified":"2024-06-11T12:49:37","modified_gmt":"2024-06-11T12:49:37","slug":"bitcoin-btc-price-approaching-crucial-break","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-price-approaching-crucial-break\/","title":{"rendered":"Bitcoin (BTC) Price Approaching Next Crucial Break: $11,500 Holds Key"},"content":{"rendered":"
Bitcoin price is trading in a crucial range below $12,000 against the US Dollar. BTC price could either rally above $12,000 or it might decline heavily below $11,500.<\/em><\/p>\n Recently, we saw a few bullish moves<\/a> above the $11,500 support in bitcoin price against the US Dollar. The BTC\/USD pair even settled above the $11,600 level and the 100 hourly simple moving average. However, the price faced a strong resistance near the $12,000 level. Moreover, there were many attempts by the bulls to overcome the $12,000 hurdle, but they failed.<\/p>\n At the moment, the price is trading in a range above the $11,500 support. The last swing low was formed near the $11,657 before the price climbed above the 50% Fib retracement level of the recent decline from the $12,061 high to $11,657 low. However, the upward move remains capped near the $12,000 resistance. The price failed near the 76.4% Fib retracement level of the recent decline from the $12,061 high to $11,657 low.<\/p>\n More importantly, there is a new contracting triangle forming with resistance near $11,920 on the hourly chart of the BTC\/USD pair. Therefore, the pair seems to be setting up for the next move either above $12,000 or below $11,700 in the near term. On the upside, the price is likely to accelerate higher<\/a> once it clears the key $12,000 resistance level.<\/p>\n The next key resistance is near the $12,200 level, above which the price could surge above the $12,350 level. On the other hand, there is a strong support forming near the $11,700 and $11,500 levels. If the price continues to struggle near the $12,000 level, there could be a major bearish reaction. A daily close below the $11,500 support might spark a sharp slide.<\/p>\nBitcoin Price Analysis<\/h2>\n