The price of bitcoin is struggling to settle at higher support within the $11,000 price range after being rejected at its new 2020 high of $12,492. The bitcoin price decline was triggered by falling below the most hesitant of supports at $12, 200. The subsequent support zone, $12,000 failed to step up to the task, allowing bitcoin to plummet to lows of $11,800.
At press time, buyers are still struggling to build a support zone at the $11,800 price level, in anticipation for the BTC/USD pair to break past $12,000. Bitcoin price is currently revolving around $11.935. The pair is being held in place by the 100 Simple Moving Average (SMA) in the 1-hour range, preventing further sharp declines.
Bitcoin price forecast
As far as the current technical point of view is concerned, there are two likely possibilities for the BTC / USD pair. For the most part, if the price breaks past $12,000 once again, new buyers are likely to enter the market, pushing the price of bitcoin past the bear at a price level of $12,000. The great confidence of the bulls would certainly have pushed BTC close to $12,500.
Second, if bears keep pushing, BTC price action could result in a decline of $11,800 below the temporary support zone. In the event of such a scenario, the BTC / USD pair would drop to $11,750 in the search for a lower level of support. Deficits could be further extended to $11,500 and $11,250 respectively.
In the meantime, the MACD and RSI indicate the existence of bears in the market as of Wednesday’s Asian session. The MACD is trapped below the mean line -37.63, signaling a bear run. However, the low volume and volatility depict that losses will be short in the near future.
Moreover, the RSI is somewhat pointing upwards, signaling the presence of bulls in the market, only that they are not strong enough to push the price further up.