Technicals Suggest Bitcoin Price Needs To Clear $11,500 To Restart Rally

Bitcoin started a fresh increase above the $11,000 level against the US Dollar. BTC must surpass the $11,500 resistance zone to continue higher in the near term.

  • Bitcoin is trading nicely above the $11,000 and $11,200 support levels.
  • The price seems to be facing a major hurdle near the $11,450 and $11,500 resistance levels.
  • There is a key rising channel forming with support near $11,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $11,500 resistance area to gain bullish momentum for a move towards $11,800.

Bitcoin Price is Showing Positive Signs

After a sharp downside correction, bitcoin price remained stable above $10,500 against the US Dollar. BTC started a fresh increase and climbed above the $11,000 resistance zone.

The upward move was positive, as the bulls were able to push the price above the $11,200 level and the 100 hourly simple moving average.

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