Bitcoin price is showing bearish signs below $11,500 against the US Dollar. BTC price might soon decline below the $11,200 support and extend losses towards $10,500.
Bitcoin Price Analysis
Recently, bitcoin price traded below the key $11,500 support area against the US Dollar. The BTC/USD pair also settled below $11,600 and the 100 hourly simple moving average. It opened the doors for more downside and the price spiked below the $11,200 support. Finally, a swing low was formed at $11,112 and the price recently settled above the $11,200 pivot level.
Moreover, there was an upside correction above the $11,400 level. However, the recovery was capped by the $11,600 resistance area. More importantly, the 50% Fib retracement level of the decline from the $11,976 high to $11,112 low acted as a resistance. The price is now trading with a bearish angle below the $11,500 level. Besides, it is testing the 50% Fib retracement level of the upward move from the $11,112 low to $11,581 high.
On the downside, there is a strong support near the $11,200 level. The 61.8% Fib retracement level of the upward move from the $11,112 low to $11,581 high might also act as a support. Therefore, a downside break below the $11,200 support could start another drop. The next major support is near $11,000, below which bitcoin price could decline towards $10,500 (as discussed in the weekly forecast).