Bitcoin price analysis: BTC/USD bulls hit the pause button, $13,000 remains unconquered
- BTC/USD retreated below $13,000 after a short-lived spike to new highs.
- A sustainable move above $13,000 is needed to speed un the upside momentum.
Bitcoin broke above $13,000 for a fraction of time only to retrace towards $12,850 by the time of writing. The first digital currency is a big winner of the day. The coin demonstrates over 2% of day-on-day growth, while all major altcoins are deep in the red.
Bitcoin’s technical picture
The initial resistance for BTC/USD comes at $13,000; however, an even stronger barrier awaits BTC bulls on approach to $13,200. The upper boundary of 4-hour Bollinger Band located above this handle may serve as a catalyst for retracement and push the price back below $13,000 before another bullish leg.
Once this barrier is cleared, the recovery may be extended towards $13,500 and $13,800. New sellers will appear on approach to the recent high ($13,886) and slow down the upside momentum.
On the downside, the initial support is created at $12,000 by a confluence of the middle line of Bollinger Band on the 4-hour chart and a short-term upside trendline. This strong barrier is closely followed by $11,550, strengthened by SMA50 (Simple Moving Average) and SMA100 on 4-hour chart. The next support awaits BTC at psychological $11,000 with the lower line of 4-hour Bollinger band located just below that barrier.