Bitcoin Price Holds Strong At $11.2K: A Strengthening Case For $12K<\/title>\n<meta name=\"description\" content=\"Bitcoin gained bullish momentum and rallied above $11,000. BTC is consolidating gains above $11,200 and it could extend its rise to $12,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-price-strengthening-case-12k\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Holds Strong At $11.2K: A Strengthening Case For $12K\" \/>\n<meta property=\"og:description\" content=\"Bitcoin gained bullish momentum and rallied above $11,000. 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{"id":446044,"date":"2020-10-11T04:08:30","date_gmt":"2020-10-11T04:08:30","guid":{"rendered":"https:\/\/wncen.com\/?p=446044"},"modified":"2024-06-11T12:07:16","modified_gmt":"2024-06-11T12:07:16","slug":"bitcoin-price-strengthening-case-12k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-strengthening-case-12k\/","title":{"rendered":"Bitcoin Price Holds Strong At $11.2K: A Strengthening Case For $12K"},"content":{"rendered":"

Bitcoin gained bullish momentum and rallied above the $11,000 resistance against the US Dollar. BTC is consolidating gains above $11,200 and it could extend its rise to $12,000.<\/em><\/p>\n

\n
Bitcoin started a strong increase after it cleared the $10,950 and $11,000 resistance levels.<\/li>\n
The price is now trading well above $11,200 and the 100 simple moving average (4-hours).<\/li>\n
There was a break above a major contracting triangle with resistance near $10,750 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could correct lower, but buyers are likely to remain active near $11,200 and $11,000.<\/li>\n<\/ul>\n
Bitcoin Turns Green<\/h2>\n
This past week, bitcoin made a few attempts to clear the $10,800 and $11,000 resistance levels<\/a> against the US Dollar. Finally, the bulls gained strength and the price climbed sharply above $11,000.<\/p>\n
The recent rally was initiated after there was a break above a major contracting triangle with resistance near $10,750 on the 4-hours chart of the BTC\/USD pair. The upward move was such that the price even broke the $11,200 resistance.<\/p>\n
It tested the $11,500 zone and a new monthly high is formed at $11,500. The price is now trading well above $11,200 and the 100 simple moving average (4-hours).<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Bitcoin price rallies above $11,200. Source: TradingView.com<\/a><\/pre>\n
It seems like there is a short-term bullish continuation pattern forming with resistance near $11,400. On the downside, the triangle support is near $11,250 and the 50% Fib retracement level of the recent rally from the $11,029 swing low to $11,500 high.<\/p>\n
If there is an upside break above the $11,400 level, the price is likely to clear the $11,500 high as well. The next major hurdle for the bulls is near the $11,800 level. Any further gains could lead bitcoin towards the $12,000 resistance level.<\/p>\n
Downsides Could Be Limited in BTC<\/h2>\n
If bitcoin starts a downside correction, the triangle support at $11,250 might provide support. The next major support is near the $11,200 level or the 61.8% Fib retracement level of the recent rally from the $11,029 swing low to $11,500 high.<\/p>\n
A downside break below the $11,250 and $11,200 support levels could start a steady decline towards the $11,000 support (key resistance turned support<\/a>).<\/p>\n
Technical indicators<\/p>\n
4 hours MACD \u2013 The MACD for BTC\/USD is showing positive signs in the bullish zone.<\/p>\n
4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 60 level.<\/p>\n
Major Support Level \u2013 $11,200<\/p>\n
Major Resistance Level \u2013 $11,400<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin gained bullish momentum and rallied above the $11,000 resistance against the US Dollar. BTC is consolidating gains above $11,200 and it could extend its rise to $12,000. Bitcoin started a strong increase after it cleared the $10,950 and $11,000 resistance levels. The price is now trading well above $11,200 and the 100 simple moving average (4-hours). There was a break above a major contracting triangle with resistance near $10,750 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could correct lower, but buyers are likely to remain active near $11,200 and $11,000. Bitcoin Turns Green This past week, bitcoin made a few attempts to clear the $10,800 and $11,000 resistance levels against the US Dollar. Finally, the bulls gained strength and the price climbed sharply above $11,000. The recent rally was initiated after there was a break above a major contracting triangle with resistance near $10,750 on the 4-hours chart of the BTC\/USD pair. The upward move was such that the price even broke the $11,200 resistance. It tested the $11,500 zone and a new monthly high is formed at $11,500. The price is now trading well above $11,200 and the 100 simple moving average (4-hours). Bitcoin price rallies above $11,200. Source: TradingView.com It seems like there is a short-term bullish continuation pattern forming with resistance near $11,400. On the downside, the triangle support is near $11,250 and the 50% Fib retracement level of the recent rally from the $11,029 swing low to $11,500 high. If there is an upside break above the $11,400 level, the price is likely to clear the $11,500 high as well. The next major hurdle for the bulls is near the $11,800 level. Any further gains could lead bitcoin towards the $12,000 resistance level. Downsides Could Be Limited in BTC If bitcoin starts a downside correction, the triangle support at $11,250 might provide support. The next major support is near the $11,200 level or the 61.8% Fib retracement level of the recent rally from the $11,029 swing low to $11,500 high. A downside break below the $11,250 and $11,200 support levels could start a steady decline towards the $11,000 support (key resistance turned support). Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is showing positive signs in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 60 level. Major Support Level \u2013 $11,200 Major Resistance Level \u2013 $11,400<\/p>\n","protected":false},"author":67,"featured_media":446046,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-446044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Price Holds Strong At $11.2K: A Strengthening Case For $12K<\/title>\n<meta name=\"description\" content=\"Bitcoin gained bullish momentum and rallied above $11,000. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Holds Strong At $11.2K: A Strengthening Case For $12K","url":"http:\/\/wncen.com\/news\/bitcoin-price-strengthening-case-12k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-strengthening-case-12k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/shutterstock_723563551.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/shutterstock_723563551.jpg?fit=1000%2C643"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-10-11T04:08:30Z","datePublished":"2020-10-11T04:08:30Z","dateModified":"2024-06-11T12:07:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Holds Strong At $11.2K: A Strengthening Case For $12K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-strengthening-case-12k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-strengthening-case-12k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/shutterstock_723563551.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/shutterstock_723563551.jpg?fit=1000%2C643\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-10-11T04:08:30Z\",\"datePublished\":\"2020-10-11T04:08:30Z\",\"dateModified\":\"2024-06-11T12:07:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/shutterstock_723563551.jpg?fit=1000%2C643","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/446044"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=446044"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/446044\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/446046"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=446044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=446044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=446044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Downsides Could Be Limited in BTC<\/h2>\nIf bitcoin starts a downside correction, the triangle support at $11,250 might provide support. The next major support is near the $11,200 level or the 61.8% Fib retracement level of the recent rally from the $11,029 swing low to $11,500 high.<\/p>\n