- Bitcoin price rallied more than 8% and climbed towards $11,500 against the US Dollar.
- The price traded as high as $11,646 and it is currently correcting gains.
- There is a key bullish trend line forming with support near $10,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is trading with a positive bias and dips remain well supported near $11,500 and $11,200.
There were solid gains in bitcoin price above $11,000 against the US Dollar. BTC price is up more than 8%, broke the $11,200 hurdle, and it tested the $11,500 resistance area.
Bitcoin Price Analysis
In the past two days, there was a steady rise above $10,500 in bitcoin price above $10,000 against the US Dollar. The BTC/USD pair settled above the $11,000 resistance and the 100 hourly simple moving average to move into a positive zone. Moreover, the price broke the $11,200 resistance and tested the $11,500 resistance (as discussed in the weekly forecast). The recent rise was strong as the price traded to a new weekly high at $11,646.
At the outset, the price is consolidating gains near the $11,500 level. An immediate support is near the $11,500 and $11,450 levels. Moreover, the 23% Fib retracement level of the recent rally from the $10,841 low to $11,646 high is also near the $11,450 level to act as a strong support. If there is an extended downside correction, the next support for the bulls could be near the $11,200 level.