Bitcoin (BTC) Moves Lower As Bulls Fail To Move Above The Resistance At $12400, How Bloody Will The BTC Price Correction Be?

Bitcoin Trading

Bitcoin News Today – Bitcoin’s bull run from April troughs near $4,100 appears to have mired, with buyer’s inadequacy of keeping gains keep gains above $12,000 in the last six weeks. A massive weekly surge above $12,000 is needed to resuscitate the bull market. A bullish weekly close may stay vague if the cryptocurrency finds approval below $11,200 in the next day or two, which could cause a decline to $10,500. Bitcoin needs to break above tough resistance at $12,000 to release the next stage of the bull market, which commenced from lows near $4,100.

The cryptocurrency by market price is presently trading at $11,527 on Bitstamp, having declined from a one-month high of $12,325. Lately, the currency has been experiencing some upward and downward trends. BTC has failed to retain gains above $12,000. The cryptocurrency shot to a high of $13,880 on June 26 only to decline back below $12,000 on the following day, a similar price trend was observed in the subsequent two weeks.

Bitcoin Price Prediction 2019 – Bitcoin Prediction 2019 – Bitcoin News Today – BTC Failed to Beat The $12,400 Resistance Level

In the last few days, Bitcoin’s Bull trend has dominated the price movement as the price levels increase with 18% since the last decline. Currently, the market is trading below the major resistance level at $12,400, gradually building up a bearish trend. According to the latest BTC price analysis, as a result of recent breakout taking price levels up to a key resistance level at $12,400, there is a rising frequency building up. There are possibilities that if Bitcoin can beat this resistance level, price levels will try to beat the yearly high of around $14,000. Volume levels have been rising progressively during this recent uptrend which is a sign of strength.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,180.11
-1.11%

On Bitcoin price analysis today, Bitcoin is progressing around the recent market price. There could be a market price manipulation as the analysis clearly shows every surge is immediately met with a decline. This permits whales to basically sell their positions back to each-other to stimulate extra bullish run as price levels trade just below the major breakout level at $12,400. Unfortunately, this might imply that the bull’s strength is waning and unable to extend any grip close to the $12,400 major resistance level. Currently, there is no sign of a price surge as the bullish momentum is not strong enough to push the price.

RSI is currently stable at 50.00 regardless of the uptrend price levels. There is a possibility of bulls reviving or a price break-down. POC (Point of Control) is currently at $11,700 just above the recent market price at $11,650. This shows that there a lot of buyers and sellers at this level. Normally temporary trends with such progressive capacity begin to decline over time, but this seems not to be the case. While 50 MA is progressing with aid around $11,450, this appears to be the last attempt of support to decide whether BTC will break down out of the mounting trend.

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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