Bitcoin (BTC) crashed hard yesterday, despite seeing $ 12,000 the previous day. Although BTC declined to $ 11,100, it was trading at $ 11,318 at the time of writing.
Along with the leading cryptocurrency, the retreat in the rest of the market continues. Ethereum (ETH) declined 9.29%, XRP 8.88%, Chainlink (LINK) 10% and Bitcoin Cash (BCH) 9.66%.
What’s the case with Bitcoin?
Bitcoin price started a sharp decline from the $ 12,000 resistance against the US dollar. According to analysts, BTC needs to stay above $ 11,200 and $ 11,000 to stay in the positive zone.
BTC failed to break above the $ 12k resistance level and began a sharp decline. The price dropped 5% and broke the $ 11,500 support and the 100 hourly simple moving average. According to analyst Aayush Jindal, there was a break below a major bullish trend line with support around $ 11,640 on the hourly chart of the BTC / USD pair. The pair is currently consolidating losses around $ 11,350 and could revisit the $ 11,200 support zone.
The previous day we saw a significant rejection of over $ 12k for Bitcoin price against the US Dollar. BTC approached the $ 12,65 level and started a sharp decline. The bears managed to cross the $ 11,650 and $ 11,500 support levels to trigger a massive drop. The price even broke the $ 11,350 zone and fell below the 100 hourly simple moving average. There was also a break below a major bullish trend line with support near $ 11,640 on the hourly chart of the BTC / USD pair.
Key Ascension Support for BTC
If the bitcoin price struggles to clear the $ 11,500 resistance, it may continue to decline. The first key support for the bulls is near the $ 11,200 level. The next big support is near the $ 11k zone, with bears below that are likely to target a bigger drop.
According to analyst Aayush Jindal, technical indicators are as follows:
Hourly MACD: The MACD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is falling and below the 40 level.
Major Support Levels: $ 11,200 followed by $ 11,000.
Major Resistance Levels: $ 11,500, $ 11,550 and $ 11,650.