The bulls need to push the BTC/USD pair to clear the $11,450 level if they wish the Satoshi Nakamoto coin to go on an upward movement to close the week.
Bitcoin (BTC) ran out of steam Thursday when it failed to keep its price above the $13,000 level. Within 24 hours, the BTC/USD pair dropped by as much as $3,000.
The good news, though, is that BTC is poised to continue trading above $11,000. The pair currently trades at $11,496.80, with a seven-percent change in the past 24 hours.
FX Street reported that the next critical resistance is at $11,450, noting the following resistance and support levels:
- $11,450 – 38.2% Fibo retracement daily, Pivot Point 1-month Resistance 2
- $11,700 – SMA100 1-hour
- $12,150 – SMA10, 4-hour, Pivot Point 1-week Resistance 3
- $11,000 – SMA10 (Simple Moving Average) 1-hour, 23.6% Fibo retracement daily.
- $11,200 Pivot Point 1-week Resistance 2, the highest level of the previous week$10,700 – Pivot Point 1-week Resistance 1.
- $10,350 – the lower line of 4-hour Bollinger Band.