Bitcoin price eyeing fresh weekly high above $12.2K

After a tumultuous week of rallies and downward price correction, Bitcoin (BTC) is trading nicely above the $11,650 and $11,500 support areas against the U.S dollar. Many analysts believe that BTC could retest the $12,000 resistance and continue to record gains in the coming days.

Bitcoin price analysis

After finding support at the $11,200 area, bitcoin’s price began a steady rise against the U.S dollar. BTC/USD started a steady ascent above the $11,500 and $11,800 resistance areas. Furthermore, the trading pair broke through the $12,000 resistance and the 100 hourly simple moving average. Despite this, the pair failed to continue its rally above the $12,150 and $12,200 levels. As a result of this, BTC saw a downside correction below $12,000.

BTC/USD was seen trading as low as $11,454 earlier today but since has begun moving higher once more. It was trading above the $11,650 support coupled with the 50% Fib retracement level of the fresh decline from the $12,167 high to $11,454 low. Furthermore, BTC’s price also broke through the $11,800 resistance.

All in all, the bitcoin bullish market could be facing notable resistance close to the $12,000 area. Analysts believe that the coin is at risk of further downside corrections due to the market being dominated by bearish sentiments.

Altcoin markets

Major top twenty cryptocurrencies, for the most part, are in the red today. Ethereum (ETH) is down by 0.01% and trading at $225. XRP is down by 0.64% and trading at $0.308925, Litecoin (LTC) is down by 1.68% and changing hands at $90.

It’s not all red, however, as Binance Coin has seen a whopping 10.56% gain and is trading at $30.52 at the time of writing. Monero which is still sitting pretty at number 10 is up by 4% and trading at $95 as per data from CoinMarketCap.