Bitcoin bounced back sharply after testing the $11,500 support zone against the US Dollar. BTC is likely to accelerate higher above $12,000 as long as it is above the 100 hourly SMA.

  • Bitcoin is trading well above the $11,800 and $11,500 support levels.
  • The price is facing a couple of hurdles near the $12,000 and $12,080 levels.
  • There was a break above a key bearish trend line with resistance near $11,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must stay above the 100 hourly simple moving average to clear the $12,000 resistance.

Bitcoin Price is Holding Uptrend

After forming a short-term top near $12,080, bitcoin price corrected lower against the US Dollar. BTC broke the $11,800 support level and dived more than $500. It traded close to the $11,500 support area, where the bulls appeared.

A swing low is formed near $11,536 and recently the price bounced back sharply. It climbed back above the $11,800 resistance and the 100 hourly simple moving average. The bulls pushed the price above the 50% Fib retracement level of the sharp…

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