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Bitcoin’s decline, after touching the top $12,000 level, increased in pace after it broke below the $11,800 support. It subsequently dipped below the $11,500 and tested the $11,350 support.
A weekly low was formed around $11,370, after which the price attempted to regain its original bullishness.
Meanwhile, there has now been a healthy break above a prevailing downward-facing trendline around the $11,650 resistance on the 4-hour BTC/USD chart. The next hurdle for the benchmark cryptocurrency to topple is the $11,700 and subsequently the $11,800.
Also, the 100 simple moving average appears to be around the $11,800 level as well, forming a confluence of resistance at that level.
That said, a clean break and close above the aforesaid resistance could send Bitcoin on a fresh surge towards the $12,000 region again. The next target after that is the $12,350 mark.
Key Levels to Watch
Failure for Bitcoin to reclaim its footing above the $11,800 soon could send the cryptocurrency on its way down to the $11,350 key support area again. Further decline could send the price down to the $11,100, which is also below the prevailing downwards-facing trendline. The next level of support to watch out for after that is the $10,800-500 area.
Total Market Cap: $364.2 billion
Bitcoin Market Cap: $215.7 billion
BTC Dominance Index: 59%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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