- Bitcoin bulls are having an uphill task sustaining the price above $11,000.
- Another slide below $11,000 could easily plunge to retest support at $10,500.
Bitcoin price is holding above $11,000, however, it has a bearish inclination in the short term. The trading on Thursday saw buyers revive the bullish momentum upwards but hit a wall at $11,200. A reversal took effect with Bitcoin seeking support at $11,000. At the moment, the price has already dived below the key ascending trendline support. This reinforces the increasing bearish pressure across BTC markets.
The price is also trading under the 50 Simple Moving Average (SMA) in the 1-hour range. The same correction on Thursday saw Bitcoin drop under $11,000 and even traded at $10,798. The developing bearish momentum is likely to continue in the near term with a break under $11,000 imminent.
BTC/USD 1-hour chart
Highlighting the bears’ influence over the price is the Relative Strength Index (RSI). This indicator is heading fast toward the oversold region. Meanwhile, it is struggling to hold the ground above 40. However, the sharp descent shows that bears are likely to win this tug of war.
The same downtrend is brought to light by the Moving Average Convergence Divergence (MACD) as it contemplates sliding into the bearish region. A bearish divergence is underway at the time of writing which emphasizes the dominance of the sellers.
On the downside, Bitcoin anticipates initial support at $10,900. Lower price corrections will embrace support at $10,800, $10,500 and $10,000 in that order. For now, it is clear that keeping Bitcoin above $11,000 is not without difficulty. Perhaps gains past $12,000 would call for more volume to catapult the crypto above $14,000.
Bitcoin Key Intraday Levels
Spot rate: $11,000
Relative change: -129
Percentage change: -1.15%