BTC Upside Bias Vulnerable As It Struggles Below $11.5K: Analysis

The BTC upside bias is vulnerable as the asset was struggling above the $11,500 resistance against the US dollar. The number one cryptocurrency could start another decline if it breaks the $11,230 support zone so let’s read more about the price analysis in our bitcoin news today.

Bitcoin struggles to gain traction above the $11,500 and the $11,520 resistance levels with the price now trading below the $10,400 support and the 100 hourly simple moving average. There’s a short-term contracting triangle forming with the resistance near the $11,480 on the hourly charts for the pair. The pair could start a downside correction if it manages to clear the $11,230 and the $11,200 support levels.

Over the past three sessions, there were mostly range moves in the BTC price below the $11,560 and the $11,500 resistance levels. It now seems that Bitcoin made two attempts to surpass the $11,560 level but it failed to gain bullish momentum. The last swing high was close to the $11,560 before the price dropped below the $11,400 and it traded as low as $11,302 still correcting higher. There was a break above the $11,350 level with the 23.6% fib retracement level from the recent decline at $11,560 high to $11,302 low.

Bitcoin is still trading below the $10,400 support and the 100 hourly simple moving average with the immediate resistance close to the $11,430 levels since it is close to the 50% fib retracement level of the recent decline from the $11,560 high to the $11,302 low. There’s also a short-term contracting triangle forming with the resistance at $11,480 on the hourly charts of the BTC/USD pair. To start another strong increase, the price has to gain momentum above the $11,500 and the $11,560 resistance levels. The BTC upside bias needs to hold strong for another above the $11,500 and the $11,560 resistance levels with the next stop nearing at $11,700.

If Bitcoin fails to surpass the $11,500 level and the $11,560 level, there’s a risk of another bearish break. The triangle support is close to the $11,320 level. The main support is close to the $11,230 and the $11,200 levels below which the bears are aiming to a larger downside correction. The next support could be at $11,000 below which the price could slide at $10,500. The hourly RSI for the pair is below the 50 level with a fiat bias and the major support levels are $11,320 right after $11,230.