Bitcoin price prediction – Another rejection from $11,800 strengthens bullish resolve

Bitcoin price has once again posted a high above $11,800 mark, albeit briefly. The crypto king is enjoying a ride upwards on a broader altcoin rally. The BTC/USD currently hovers around the $11,750 mark as the rising channel now brings into play the bearish selling pressure. The 20-day EMA is now turned upwards as bulls get ready to charge higher provided buying strength remains intact further pushing Bitcoin price prediction in the positive region.

Relatively positive crypto developments over the weekend have charged the bulls adding to their buying action. The price on the 4-hour chart is filled with higher lows signifying a renewed push to explore higher resistances. The rejection at $11,800 could prove to be a minor glitch in the journey towards $12,000.

Bitcoin price movement in the last 4 hours confirms bullish wave

There’s a strong bullish wave underneath the BTC/USD pair. The fact that the ‘Crypto King’ quickly after rejection at from $11,770 high to post fresh new daily highs at $11,840 shows that there’s no shortage of buying activity.

Now, traders must show resolve to use the current volume-liquidity combo and take the pair beyond the rising channel. The crypto king must surf the rising channel to explore the next resistance at $12,048. Any daily breakout of $11,770 mark can bring $12,460 on the charts – a level that may attract excess selling to knockdown price due to profit booking.

Remember, the bears won’t simply abandon the field, as is evident in the intense sell-off at upper resistances in the recent past. Profit booking by short-term traders can quickly materialize into a fall towards the $11,550 mark, where the pair can temporarily find support. Bitcoin price prediction looks charming as BTC/USD looks set to slowly reach higher towards the upper ascending channel.

BTC/USD 4-hour chart – Bulls are relentless to pierce $12,000

Presently, Bitcoin price is trading at $11,710 – which is comfortably over the 20-day EMA at $11,130. Ferocious accumulation at every technical support is pushing Bitcoin price prediction higher on hourly timeframe. The Bollinger Bands on the 4-hour chart have been pierced by a strong bullish candle showing the bullish strength of the current price action.

The ‘Relative Strength Index’ value at 67 is fast approaching overbought levels, but there’s still plenty of room to go further. Both the 20-day moving averages have made an upwards slope. The MACD is firmly positive. Technically, BTC/USD picture favors bulls.

The bearish triangle pattern begin emerging a few days ago, seems to have taken a backseat as of now. However, a bearish move cannot be ruled out if the price plummets under $11,130 support. Such a move can complete the descending channel breakdown invalidating the current bullish move. There’s no such threat as long as the 20-day EMA remains in a gradual upslope giving bulls a firm upper hand.

Broader crypto sentiment remains positive – DeFi concerns brushed under the carpet

There has been no extremely negative crypto news to affect the positive crypto sentiment sweeping the market right now. The global crypto remains on track with more push towards central bank digital currencies. Bitcoin price prediction certainly is benefitting from a global CBDC push.

Approximately 2 million citizens in China’s Shenzhen are now part of the digital Yuan testing program. Authorities have given $1.5 million in the digital Yuan to few lucky citizens. The participants are vigorously spending their new monetary gift showing the success of the pilot project. Recently, the Bank of Canada published a vacancy requiring expertise in digital currencies.

Crypto wallets holding more than 100 BTC on the rise

As per Glassnode, the number of Bitcoin wallets holding in excess of 100 BTC has touched a new high of 16,159. Additionally, the number of Bitcoin addresses containing non-zero BTC has also reached a new high of 31,913,3555. The data comes amid a bullish wave that is currently sweeping the crypto market.

Cole Garner, a famous crypto analyst, discusses the exponential increase in new BTC addresses in the past few days. He says that around 22,000 BTC addresses have emerged in 24 hours. The rising institutional interest is also helping keep Bitcoin price prediction positive.

Bitcoin price prediction – BTC/USD knocking again at $12,000 resistance

We are once again at the crucial $12,000 resistance – this time with much more volume and liquidity. The bulls seem unfazed by the multiple rejections from higher resistances as BTC/USD appears determined to break beyond multi-month resistance.

A bullish start to the week has ended the speculations of the past two days. Today’s 1.54 percent gain signifies the accumulation done over the weekend. Failure to hold the support $11,453 pivot can quickly decline the price towards the next significant support at $11,170. Any subsequent sell-off can take BTC/USD price under the $11,000 level, which can dent the hourly charts’ bullish pattern.

Bitcoin price prediction now hovers between the $11,470 to $11,770 range. An extended rally must display sure signs, including daily close above crucial resistance at the $11,802 level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.