Bitcoin price failed to gain pace above the $12,000 resistance level, and started a sharp decline

Yesterday, Bitcoin price was rejected at the key threshold of $ 12,000 when it was topping close to $ 12,065 and started to plummet. The bears were able to clear the support levels of $ 11,650 and $ 11,500 to spark a significant drop.

Bitcoin price must stay above $ 11,200 and $ 11,000 to remain in a positive zone

Price has even broken out of the $ 11,350 zone and is below the 100-hour simple moving average. There is also a break below the main uptrend line with support near $ 11,640 on the hourly chart of the BTC/USD pair.

The pair tested the $ 11,200 support and a low formed near $ 11,186. Recently, there was a wave of the rebound from a low of $ 11,186. Bitcoin price rebounded above $ 11,350. It even climbed above the 23.6% Fib retracement level of its recent decline from the $ 12,064 high to the $ 11.186 low.

bitcoin-price-failed-to-gain-pace-above-the-12000-resistance-level

The bulls are currently struggling to push the price above the $ 11,450 and $ 11,500 levels (support has turned resistance). The next significant resistance is near $ 11,650 and the 100 hourly simple moving average.

The 50% Fib retracement level of the recent decline from the $ 12,064 high to the $ 11,186 low is also close to $ 11,625. A successful break above $ 11,500 and then a follow-up move above $ 11,650 must be for a new up move in the near term.

If Bitcoin’s price struggles to break above the $ 11,500 resistance, it could continue to decline. The first significant support for the bulls is near $ 11,200.

The next significant support is near the $ 11,000 zone, below an area where the bears are likely to target a more considerable drop (possibly towards $ 10,500).

You can see the Bitcoin price here.

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