Bitcoin price moves towards $11600, rise above 12000 next?

The Bitcoin price fell towards the 100-Day Moving Average (100MA) that lay near $11400 on the 7th of August. Kyer, the Trading View analyst, is of the opinion that BTC price will rise above $12000 next.

1-Day Bitcoin price analysis

Bitcoin price chart by Trading View

The cryptocurrency’s price had fallen to a day’s low of $11371.28 right after 18:00 GMT. Bitcoin was observed trading at $11628.06 US Dollars at the time of writing.

Will Bitcoin price move towards $12000?

The Trading View analyst Atlas Trades employed the 1-Hour chart for their technical analysis of the BTCUSD pair. The analyst believes that the cryptocurrency’s price will run towards the $12100 level.

Bitcoin price chart by Trading View

Atlas drew an ascending support line below the BTCUSD trading pair. The support line began on the 2nd of August, from right after when the cryptocurrency market observed a price dump. Atlas suggested that the BTC price will continue its growth that began after the price dump on the 2nd of August.

On the 7th of August, BTC price dropped below the ascending trendline drawn by the crypto analyst. The cryptocurrency king has receded towards the $11600 mark. However, the trade order is still not canceled for this idea, yet; the cryptocurrency may recover towards the $12000 level.

What to expect from Bitcoin’s price?

The Trading View analyst Kyer is also of the opinion that the BTC price will rise above the $12000 mark, continuing its recent upward trend.

Bitcoin price chart by Trading View

The idea highlights the 100MA as the supporting trendline for the BTCUSD pair, below which the 200-Day Moving Average (200MA) appears to be traveling near the $10879 support.

Kyer stated that the $12000 mark is the next resistance level for the trading pair; however, the cryptocurrency appears exhausted from its previous uptrend move, and it can’t move all the way towards the $12000 mark yet. The analyst suggested that the cryptocurrency will come down towards the $11479 mark, after which it will be held by the 100MA as the support. This will allow BTC price to rise towards the $12775 mark.

For the trade, the first target price lies near the $12150 level, while the second target price was marked at $12775.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.