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26 September 2023
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Bitcoin Price Forecast: Why BTC/USD Is Stalling Despite Reclaiming $11,600 Support?

  • Bitcoin bulls are having a hard time building upon the ascending channel support.
  • BTC/USD is holding above the 50 SMA support amid the bulls’ desire to keep the price above $11,600.

Bitcoin continues to struggle with reclaiming the lost ground above $12,000. In fact, the weekend session saw the bearish dominance strengthen, sending BTC towards $11,000. Support at $10,500 failed to hold just like the support at $11,400. Bitcoin traded a weekly low at $11,369.82 (on Coinbase).

Recovery has occurred above $11,600, however, BTC bulls are having a hard time building the momentum towards $12,000. Most analysts believed with the price above $11,600, Bitcoin would have a clear path towards $12,000.

BTC/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

For now, Bitcoin is trading at $11,632 while dealing with a retreat from the 100 Simple Moving Average (SMA). The downtrend is emphasized by the Relative Strength Index (RSI) as it spirals towards the midline. At the same time, the Moving Average Convergence Divergence (MACD) is stuck below the mean line (0.00), in a way cementing the domineering position of the sellers in the market.

On the downside, Bitcoin is embracing support at the 50 SMA in the 1-hour range. Note that, if the bearish leg extends below the moving average support, BTC/USD would eventually dive under $11,400 in a bid to retest support at $11,200. Besides, $11,000 is still within reach, however, to trade this move, you must be careful (check volume indicator). On the upside, a confirmed price action above $11,800 would hint the growing potential for hitting levels $12,000.

Bitcoin Intraday Levels

Spot rate: $11,627

Relative change: -22

Percentage change: -0.19

Trend: Short term bearish bias

Volatility: Low

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