{"id":388653,"date":"2019-07-04T06:00:49","date_gmt":"2019-07-04T06:00:49","guid":{"rendered":"https:\/\/wncen.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:\/\/wncen.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":"<ul>\n<li>There was a steady rise in bitcoin price and it tested the $12,000 resistance level.<\/li>\n<li>It traded as high as $12,053 and is currently correcting gains towards $11,600.<\/li>\n<li>There is a new connecting bullish trend line forming with support near $11,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair remains well supported on the downside and it seems like it could continue towards $12,500.<\/li>\n<\/ul>\n<p><em>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<h2>Bitcoin Price Analysis<\/h2>\n<p>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 <a href=\"https:\/\/wncen.com\/2019\/07\/03\/bitcoin-btc-reversal-unfolds-bulls-target-12k-or-12-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">discussed the chances<\/a> of a test of the $12,000 resistance level.<\/p>\n<p>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<p>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 <a href=\"https:\/\/wncen.com\/2019\/07\/02\/bitcoin-price-dives-bears-aim-9200\/\" target=\"_blank\" rel=\"noopener noreferrer \">further losses<\/a> might push the price towards $11,000 or the 100 hourly SMA.<\/p>\n<p>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>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-3.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-388654\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-3.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-3.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-3.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-3.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-3.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-3.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-3.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-3.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is trading nicely above the $11,600 and $11,500 support levels. As long as there is no close below $11,000, the bulls remain in action. On the upside, the main target this week could be $12,500, followed by $12,650.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower towards the 50 level.<\/p>\n<p>Major Support Levels \u2013 $11,600 followed by $11,500.<\/p>\n<p>Major Resistance Levels \u2013 $12,000, $12,500 and $12,650.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was a steady rise in bitcoin price and it tested the $12,000 resistance level. It traded as high as $12,053 and is currently correcting gains towards $11,600. There is a new connecting bullish trend line forming with support near $11,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair remains well supported on the downside and it seems like it could continue towards $12,500. 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. Bitcoin Price Analysis 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 of a test of the $12,000 resistance level. 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. 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 might push the price towards $11,000 or the 100 hourly SMA. 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. Looking at the chart, bitcoin price is trading nicely above the $11,600 and $11,500 support levels. As long as there is no close below $11,000, the bulls remain in action. On the upside, the main target this week could be $12,500, followed by $12,650. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower towards the 50 level. Major Support Levels \u2013 $11,600 followed by $11,500. Major Resistance Levels \u2013 $12,000, $12,500 and $12,650.<\/p>\n","protected":false},"author":67,"featured_media":344598,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-388653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Hits First Target: $12.5K Now In Sight<\/title>\n<meta name=\"description\" content=\"There were steady gains in bitcoin price above the $11,500 resistance level against the US Dollar. 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