Bitcoin’s price struggling to climb above $11,500 and $11,600 resistances

Bitcoin’s (BTC) price seems to falter whenever it comes up against the $11,500 and $11,600 resistances. BTC is holding onto the $11,200 support but could see more downside price action.

Bitcoin price analysis

According to analysts, there are currently two bearish trend lines forming with resistance close to the $11,400 and $11,600 areas as per the hourly chart of the BTC/USD pair.

Many traders believe that the price could see hefty drops should a break below $11,200 occur in the near term. Bitcoin’s price is displaying bearish indicators below the $11,500 area. If BTC were to drop below the current support at $11,200, investors should expect losses as far down as the $10,500 level.

Recently bitcoin’s price was seen trading below the key $11,500 support against the U.S dollar. Moreover, the pair also settled nicely below the $11,600 area as well as the 100 hourly simple moving average. This price movement opened up avenues for more downside movement and the price surged below the $11,200 support. Thus, a swing low was created at $11,112 and BTC’s price settled above the $11,200 pivot area.

Furthermore, there has been an upside correction above the $11,400 area. However, this recovery was halted by the $11,600 resistance level. In addition to this, the 50% Fib retracement level of the decline from the $11,976 high to $11,112 low acted as a resistance. Analysts now believe that BTC’s price is trading with a bearish angle below the $11,500 area.

Altcoin markets in the red

The top twenty cryptocurrency altcoin markets, for the most part, are all reporting losses today. Ethereum is down by 1.60% and changing hands at $209.56, XRP has seen a modest loss of 0.66% and trading at $0.298291 as per data from CoinMarketCap. Chainlink is the biggest loser of the day, down by 4.06% and changing hands at $2.34.

Notably, the only altcoins in the top twenty reporting gains are Binance Coin (BNB), which is up by 0.36% and trading at $30.19 and Dash (DASH) which is up by 1.35% and changing hands at $105 at the time of writing. Remember to check back at 14:00 for our latest cryptocurrency news and prices.