Bitcoin price is still struggling to gain bullish momentum above $11,500 against the US Dollar

Bitcoin price is still struggling to gain bullish momentum above $11,500 against the US Dollar. BTC could start a major downside correction if it breaks $11,200 and the 100 hourly SMA. Bitcoin is struggling to settle above the $11,500 and $11,520 resistance level. The price is currently trading just above the $10,400 support and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $11,400 on the hourly chart of the BTC/USD pair. The pair could start a strong downside correction if it breaks the 100 hourly SMA and then $11,200.

Bitcoin price lacks bullish momentum

After trading to a new monthly high at $11.724, bitcoin price started a downside correction against the US Dollar. BTC broke the $11,520 and $11,500 support levels to move into a short-term bearish zone.

The price tested the $11,300 zone and remained well bid above the 100 hourly simple moving average. A low is formed near $11,315 and the price is currently rising. It surpassed the 23.6% Fib retracement level of the recent decline from the $11,724 high to $11,315 low.

However, the bulls are still struggling to gain strength above the $11,500 and $11,520 resistance level. The 50% Fib retracement level of the recent decline from the $11,724 high to $11,315 low is also near the $11,520 level.

Source: BTCUSD on TradingView.com

On the downside, the 100 hourly SMA holds the key at $11,400. There is also a key bullish trend line forming with support near $11,400 on the hourly chart of the BTC/USD pair. If there is a downside break below the trend line support and the 100 hourly SMA, bitcoin price may even slide below the $11,315 support. The next major support is near the $11,200 level, below which there is a risk of a larger downside correction in the near term.

If Bitcoin stays above the $11,200 support level, there are chances of a fresh rally. The first major barrier is near the $11,500 and $11,520 level.

A successful close above the $11,520 level could open the doors for a move towards the $11,724 high. Any further gains are likely to lead the price towards the $12,000 barrier in the coming sessions.

You can see the Bitcoin price here.