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Bitcoin Price Prediction: BTC/USD Bears Consolidate Price below $11,500 Mark

Despite the fact that BTC/USD has been maintaining the upward movement since a few days ago, today, the first digital crypto is seen showing considerable weakness. More so, it is possible that the market price has begun the final wave down which could take it the coin to $9,700 support as the technical indicator RSI (14) is preparing to cross below the 40-level.

Where is BTC Price Going Next?
The daily range shows that the movement below the 9-day moving average could confirm a bear flag pattern, which means Bitcoin’s upward case would be jeopardized. Therefore, if the price remains above this barrier, it is essential that the bulls should seize the opportunity and quickly push that breakout to $11,000 which above the 21-day MA. Otherwise, another rejection at $10,800 could prematurely end the uptrend and bring the Bitcoin price towards the supports of $9,600, $9,400, and $9,200 respectively.

Nevertheless, BTC/USD is on the brick of a potentially massive breakout. If the bulls are to sustain the uptrend above $10,500, culminating in a flight above the moving averages, $11,000 could be a conservative target. Meanwhile, increased buying pressure may catapult the Bitcoin price to the resistance level of $11,200, $11,400, and $11,600. However, a move like this may renew the hope of seeing BTC/USD to trade above $12,000 again.

Reference by: Azeez Mustapha