{"id":388653,"date":"2019-07-04T06:00:49","date_gmt":"2019-07-04T06:00:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=388653"},"modified":"2024-06-11T12:50:26","modified_gmt":"2024-06-11T12:50:26","slug":"bitcoin-btc-price-hits-first-target-12-5k-now-in-sight","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-hits-first-target-12-5k-now-in-sight\/","title":{"rendered":"Bitcoin (BTC) Price Hits First Target: $12.5K Now In Sight"},"content":{"rendered":"
There were steady gains in bitcoin price above the $11,500 resistance level against the US Dollar. BTC tested the first target of $12,000 and it may soon climb towards the $12.5K target.<\/em><\/p>\n Yesterday, we saw a reversal pattern in bitcoin price from the $10,000 support against the US Dollar. The BTC\/USD pair made a nice 15% move and climbed above the $11,000 and $11,200 resistance levels. Moreover, there was a close above the $11,200 level and the 100 hourly simple moving average. We also discussed the chances<\/a> of a test of the $12,000 resistance level.<\/p>\n The price did climb higher and traded above the $12,000 target. A new intraday high was formed at $12,053 and the price is currently correcting lower. It is trading near the $11,800 level and the 23.6% Fib retracement level of the recent wave from the $11,035 low to $12,053 high. On the downside, there are many supports near the $11,600 and $11,500 levels.<\/p>\n Besides, there is a new connecting bullish trend line forming with support near $11,550 on the hourly chart of the BTC\/USD pair. The trend line support coincides with the 50% Fib retracement level of the recent wave from the $11,035 low to $12,053 high. If there is a downside break below the $11,500 support, bitcoin price could extend the current correction towards the $11,275 support area. Any further losses<\/a> might push the price towards $11,000 or the 100 hourly SMA.<\/p>\n On the upside, the $12,000 level is an initial resistance. Once there is a break above the $12,000 resistance and the $12,050 swing high, there could be more gains. In the mentioned case, the price could trade towards our second target of $12,500.<\/p>\nBitcoin Price Analysis<\/h2>\n