{"id":387189,"date":"2019-06-23T04:08:38","date_gmt":"2019-06-23T04:08:38","guid":{"rendered":"https:\/\/wncen.com\/?p=387189"},"modified":"2024-06-11T12:56:36","modified_gmt":"2024-06-11T12:56:36","slug":"bitcoin-price-tops-11-2k-btc-could-rise-again","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-tops-11-2k-btc-could-rise-again\/","title":{"rendered":"Bitcoin (BTC) Price Tops $11.2K, Short Term Correction Before Higher"},"content":{"rendered":"
Bitcoin price is surging and it recently topped near the $11,200 level against the US Dollar. BTC could consolidate in the short term before a fresh increase above $11,000.<\/em><\/p>\n This past week, bitcoin price started a strong rally<\/a> above the $8,500 and $9,000 resistances against the US Dollar. The BTC\/USD pair even gained strength above the $10,000 and $10,500 levels. Finally, there was a break above the $11,000 level and the price settled well above the 100 simple moving average (4-hours). Finally, the price formed a new 2019 high near $11,200 and recently started a downside correction.<\/p>\n It declined below $11,000 and $10,800. However, the $10,400 level acted as a decent support and a swing low was formed at $10,363. The price is currently moving higher and it trading near the $10,700 level. It is above the 23.6% Fib retracement level of the recent correction from the $11,234 high to $10,363 low. However, it seems like the $10,800 and $10,950 levels are currently capping gains.<\/p>\n The 50% Fib retracement level of the recent correction from the $11,234 high to $10,363 low is also preventing gains. If there is a successful break above $10,950 and a follow through above $11,000, the price is likely to resume its uptrend. The next key resistances are near $11,200 and $11,500. If bitcoin price continues to rise<\/a>, it could even test the key $12,000 level in the near term.<\/p>\n On the downside, there are many supports near $10,500. Moreover, there is a key bullish trend line forming with support near $10,550 on the 4-hours chart of the BTC\/USD pair. If bitcoin slides below the trend line, it could revisit the $10,200 and $10,000 support levels.<\/p>\nBitcoin Price Weekly Analysis (BTC)<\/h2>\n