- There were continuing gains in bitcoin price above the $13,000 resistance against the US Dollar.
- The price traded close to the $14,000 level and later started a sharp bearish correction.
- There is a key breakout pattern forming with resistance near $12,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to remain supported and it could climb higher once again above the $13,000 barrier.
Bitcoin price is trading nicely above the $11,500 and $12,200 support levels against the US Dollar. BTC price is currently consolidating and seems to be preparing for the next break.
Bitcoin Price Analysis
Yesterday, there was a sharp increase in bitcoin above the $12,000 target against the US Dollar. The BTC/USD pair even broke the key $13,000 barrier and settled well above the 100 hourly simple moving average. Finally, there was a solid run towards the $14,000 level. A new 2019 high was formed near $13,857 before the price started a short term bearish correction.
There was a sharp dip in bitcoin below the $13,000 and $12,400 support levels. Moreover, there was a break below the $12,000 pivot level and the price traded close to the 100 hourly simple moving average. However, the $11,550 level acted as a strong support. Besides, the price stayed nicely above a major bullish trend line with support at $11,850 on the hourly chart.