Bitcoin Price At The Verge Of Making Or Breaking The Trendline, Who Will Prevail? The Bulls Or The Bears?

Bitcoin News Today – Bitcoin has been moving independently of the wider market for a while now. Even as traders wait patiently for altcoin season to come, Bitcoin seems to be in full control of the market with no hope of altcoins dominating anytime soon. During the week, Bitcoin recovered significantly moving above the $12,000 against the USD. It tested the $12,050 level before the bears showed up and forced the price to settle below the $11,500 level. The price of Bitcoin is now at the crossroad. It would either breakout and move higher or break down and fall below the support.

Bitcoin News Today – Bitcoin Price Prediction 2019 – Bitcoin Price Analysis – Will The Bulls Prevail?

Ever since the price of Bitcoin crossed the $10,000 level successfully, it has been recovering higher against the USD. Even if the bears attempted to drive the price down, they were unable to keep BTC below the $10,000 level. When BTC moved as low as $9700, it quickly recovered. It was able to move above $10,000 again testing the $10,500 level before it managed to move above $11,500 level again.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,769.86
-0.11%

As the bullish momentum intensified, the price of Bitcoin moved as high as $11,800 allowing it to break the 100 simple moving average. After a few hours our hovering around the $11,800 level it broke above $12,000. It wasn’t until the price of Bitcoin BTC touched the $12,050 level that the bears started to put pressure on the market. It started losing it gains little by little until it fell below the $11,500 level. The bears took the price of Bitcoin below the 23.6% Fibo level of the last rise from $9,650 to $12,050 which was around the support at $11,000.

As the bears put pressure on the price, the $10,800 level served as strong support preventing any decline below this level. The price of Bitcoin started consolidating around the $11,200 level. Even if the price of BTC resumed the upward recovery, a major bearish trendline formed around the $11,700 level making this level the key resistance before $12,000. Right now, the price of Bitcoin will either break above the resistance at $11,700 and find its way back to $12,000, or it will fall below the support at $11,000 and lower again below $10,800. If the price of Bitcoin is able to rise above the $12,000 level again, there is a high chance that it will test the $12,800 in the next few trading sessions. The $12,800 level is the strongest resistance before $13,000.

Bitcoin News Today – Bitcoin Price Prediction 2019 – Current Price Of Bitcoin (BTC)

At the time of writing, the price of Bitcoin was $11,234.48. This means that it is down by 1.12% against the USD. The trading volume over a 24 hour period is $18,846,720,536 and the market capitalization is $200,017,354,797. The MACD is moving into the bearish territory along with the relative strength index.

What do you think about the Bitcoin price prediction 2019 in our Bitcoin news today? Will the price of BTC breakout or breakdown? Share your thoughts in the comment section below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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