Bitcoin price started a fresh increase from the $11,260 low against the US Dollar. BTC must settle above $11,600 to continue higher towards $11,800 and $12,000.
- Bitcoin is showing a few positive signs above the $11,450 and $11,500 levels.
- The price is currently facing hurdles near $11,560, but it is above the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $11,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a steady upward move if it closes above $11,560 and $11,600.
Bitcoin Price is Gaining Momentum
In the past few sessions, there was a steady decline in bitcoin price below the $11,500 and $11,400 levels. BTC even broke the $11,300 level and the 100 hourly simple moving average.
However, it remained well bid above the $11,200 support level. A low was formed near $11,258 and the price started a fresh increase. There was a break above the $11,350 and $11,400 levels. Bitcoin even surpassed the $11,500 resistance and the 100 hourly simple moving average.
During the rise, there was a break above a key bearish trend line with resistance near $11,450 on the hourly chart of the BTC/USD pair. The price even spiked above the $11,560 resistance, but it failed to continue higher.
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