BTC climbs higher surpassing the $11,000 resistance level against the US dollar so it is now correcting the gains but dips are likely to remain supported close to the $10,800 region as we are reading further in our bitcoin news.
Bitcoin extended its upward movement above $10,900 so the price is now forming strong support above the $10,800 and the 100 hourly simple moving average. There’s also a major bullish trend line that is forming with support close to the $10,840 on the hourly charts of the pair, which is likely to resume to the upside as long as it stays above the $10,800 level.
After the close above $10,800 level, Bitcoin’s price extended the rise against the US dollar and BTC broke the key $11,000 resistance. BTC settled above the 100 hourly simple moving average. The price ten traded to a new weekly high of $11,102 and started a downside correction. The asset traded below $11,000 and broke the 23% fib retracement level of the upside movement from $10,675 low to $11,102 high. Bitcoin is approaching the $10,880 support zone since it is quite close to the 50% fib retracement level of the recent upward movement at $10,675 low to $11,102 high. There’s also a major bullish trend line forming close to the $10,840 support on the hourly charts.
As BTC climbs higher, the price should remain at the trend line support which will allow it to move above the $11,000 resistance. The first resistance is close to the $11,000 level above which the bulls will aim the upsides towards $11,500. If BTC fails to resume the upward movement above the $11,000 level, it could start correcting lower. The initial support on the downside is close to the trend line at $10,840. The downside break below the trend line support could start a decline movement to $10,650 support but further losses could negate the chances of a strong rally and the price will go lower towards $10,200.
The MACD is losing momentum in the bullish zone while the RSI is below the 50 levels. the major support levels include $10,840 and $10,650 while the major resistance levels include $11,000 and $11,000.
In our recent Bitcoin news, The Bitcoin developers get closer to implementing smart contracts on the protocol as they merged Schnorr’s improvement proposal BIP-340 with Bitcoin’s master library. The soft fork is the next big update to Bitcoin after SegWit since the launch in 2017. The update will be backward compatible so the usage will depend on the demand from miners and users. The coding expert Pieter Wuille merged the support for Schnorr signatures to BTC while the Taproot merger and the soft fork update are the main steps for smart contract implementation on the Bitcoin network.
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