Bitcoin price rallied significantly above $12,000 and traded close to the $14,000 level. Recently, BTC to USD corrected lower sharply, but it stayed above the main $11,800 uptrend support area.
- There were sharp gains in bitcoin above the $13,000 resistance area.
- BTC/USD is holding a crucial bullish trend line with support near $12,450 on the 30-minute chart.
- The price remains in an uptrend and it could soon climb back above $13,350.
Read: Trade at NordFX
Bitcoin Price Analysis (BTC to USD)
This week, bitcoin price gained more than 25% and broke the key $12,000 and $13,000 resistance levels. BTC/USD even broke the $13,500 level and traded close to the $14,000 level. A new multi-month high was formed at $13,765 before the price started a major downside correction.
Click to Enlarge Chart
Looking at the 30-minuteof BTC/USD, the pair started a significant downside correction and broke the $13,500 and $13,000 support levels. There was even a break below the $12,500 support and the 25 simple moving average (30-minute).
The price declined below the 50% Fib retracement level of the last wave form the $10,802 low to $13,765 swing high. It sparked losses in Ethereum, ripple, bitcoin cash, stellar, cardano, tron, BNB and EOS as well.
However, the decline was protected by a crucial bullish trend line with current support near $12,450 on the same chart. The price also stayed above the 61.8% Fib retracement level of the last wave form the $10,802 low to $13,765 swing high.
It is currently recovering and is trading above the $12,800 level. An immediate resistance is near $13,050 and the 25 simple moving average (30-minute).
If there is a successful close above the 25 SMA, the price could test the $13,225 resistance. Any further upsides might restart the uptrend and push the price towards the $14,000 level.
Conversely, if there is a fresh decline, the trend line support may provide support near $12,450. If bitcoin price extends losses, it could revisit the $11,800 support area in the near term. Any further losses in BTC/USD could start a larger decline in the near term.
The market data is provided by TradingView, Bitfinex.