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Bitcoin Price Analysis: BTC Eyes $12,000 If 50-day MA Flips Into Support

Bitcoin Price Analysis: BTC Eyes $12,000 If 50-day MA Flips Into Support

Bitcoin price climbs above the $11,000 critical level for the first time since the drop to $9,800 in early September.
Bitcoin bulls eye the 50-day SMA resistance; if turned into support, the hurdle at $11,374 – $11,702 can be tackled.

The flagship cryptocurrency has resumed the uptrend, and for the first time since the drop under $10,000, it stepped above $11,000. As discussed earlier in the week, Bitcoin’s weekend rally lost momentum below $10,600 . Another leg up on Monday lost steam below $10,800. However, bulls managed to regain control of the price, finally pulling BTC past the critical level at 11,000.
At the time of writing, Bitcoin is exchanging hands at $11,008 amid a growing bullish momentum, as highlighted by the Relative Strength Index (RSI). The indicator continues to sustain gradual recovery from the price dip to $9,800 in September’s first week.
BTC/USD daily chart
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BTC/USD price chart by Tradingview
As the bulls find bearing above $11,000, it is essential to anticipated resistance likely concentrating at the 50-day Moving Average ($11,272). If the ongoing bullish momentum remains intact, the flagship cryptocurrency could soon flip the 50-day SMA into support. Such a price action would see buyers shift their focus on the resistance levels closer to $12,000, like $11,800.
According to on-chain data provided by IntoTheBlock, the largest cryptocurrency is heading for its biggest test. The most challenging resistance lies at $11,374 – $11,702. It is vital to note that 1.32 million addresses had previously purchased 845,190 BTC in the range. If this zone is pulled into the rear, $12,000 will would be an easy nut to crack as BTC would have the potential to hit highs above $12,400. On the flip side, on-chai data shows that Bitcoin is treated to immense support right from the first range between $10,698 and $11,026 to the last zone at $9,365 – $9,713.
Bitcoin IOMPA chart
BTC IOMAP by IntoTheBlock
Bitcoin Intraday Levels
Spot rate: $11,008
Relative change: 46.93
Percentage change: 0.43%
Trend: Bullish
Volatility: Expanding
Read more:  Bitcoin’s Active Address Count Nears ATH; Here’s What It Means
The post Bitcoin Price Analysis: BTC Eyes $12,000 If 50-day MA Flips Into Support appeared first on Coingape .

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