Bitcoin price settled below the $12,000 support level against the US Dollar. BTC is currently consolidating above the $11,650 and $11,500 support levels, below which it could nosedive.
- Bitcoin remained in a short-term bearish zone and it settled below the $12,000 region.
- The price is currently consolidating losses above the $11,650 and $11,550 support levels.
- There is a key bearish trend line forming with resistance near $11,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must stay above the $11,500 support zone to start a fresh increase in the near term.
Bitcoin Price Showing Bearish Signs
After bitcoin started a downside correction below $12,000, the bulls slowly lost control against the US Dollar. BTC even settled well below the $12,000 region and the 100 hourly simple moving average.
The bears were able to push the price below the $11,650 support zone. However, the price is still trading nicely above the $11,550 and $11,500 support levels. A low is formed near $11,581 and the price is currently correcting higher.Bitcoin price trades below $12,000. Source:More importantly, there is a key bearish trend line forming with resistance near $11,880 on the hourly chart of the BTC/USD pair. If there is an upside break above the trend line resistance, the price could continue to recover towards the $11,950 level or the 100 hourly SMA.
Fresh Upward Move in BTC?
If bitcoin breaks the trend line resistance, it might retest $12,000. To move into a positive zone and start a fresh increase, the price must settle above the $12,000 and $12,050 levels.