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BTC/USD Time for a Rethink? Will It Retest 11,000 USD Before Climbing to 12,000 USD Again?

August 12, 2020

BTCUSD

Talking Points:

  • Bitcoin took a nosedive after failing to maintain its gains over the 12,000 USD mark.
  • BTC/USD’s dip towards 11,000 USD could make investors eager to buy the slump as they foresee an increase back over the 12,000 USD mark.

Bitcoin’s price held firm for the start of this week at 12,000 USD. At the start of the week, we saw the biggest cryptocurrency by market capitalization fly to a weekly high of 12,084 USD. However, increases couldn’t be supported towards 12,100 USD. Instead, the price dipped below the 12,000 USD mark.

The inability to hold above 12,000 USD appears to have invigorated the sellers in the market who have from that point forward flocked to the market in numbers to drive Bitcoin below 11,500 USD. Support at 11,800 USD attempted to keep the bearish pressure under control but BTC/USD lost balance.

At the time of writing, Bitcoin is trading at 11,247 USD in the midst of an increasing bearish hold. A weekly low saw BTC trading at 11,108 USD, highlighting the degree of the lower leg. The dip could, however, effectively create new interest for the coin. Investors who had missed out on the rally to 12,000 USD now have the chance to buy low in anticipation of an increase targeting the 12,200 USD resistance mark.

BTC/USD 4-Hour Chart

BTCUSD
Chart created using https://www.tradingview.com/

From a technical viewpoint, the bearish hold would seem to continue to grasp the market in the short-term. The RSI is holding the position near to the oversold area. In addition, the MACD has dropped below the midline. The indicator highlights an obvious bearish divergence, further reinforcing the selling influence over the price.

Currently, the price is holding just below the 100 SMA in the 4-hour time period. Bitcoin needs a lift at this level in order to bring down the short-term resistance at 11,400 USD. Increases above 11,500 USD and the 50 SMA at 11,622 USD would undoubtedly urge more buyers to join the market as confidence in the rebound mounts. For now, holding over the 100 SMA is vital in building support and balance before attempts are made to clear the obstacles towards 12,000 USD.