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Can one expect another decline before Bitcoin (BTC) comes back to $12,000?

The bullish mood has turned bearish as almost all of the Top 10 coins are red. Bitcoin (BTC) is trying to remain in the green zone, rising by 0.05% over the last day.

Top 10 coins by Coinstats

The decline of most of the altcoins has positively affected the market share of Bitcoin (BTC), which has increased by 1% and now accounts for 55.1%.

BTC’s market share

The relevant Bitcoin data for today:

  • Name: Bitcoin
  • Ticker: BTC
  • Market Cap: $201,927,701,737
  • Price: $10,920.28
  • Volume (24h): $34,371,398,129
  • Change (24h): 0.16%

The data is relevant at press time.

BTC/USD: Can traders expect a false breakout of the $11,000 mark?

Yesterday, buyers managed to pierce the daily EMA55 and set a weekly high around $10,940. However, sellers paused the recovery in the Bitcoin (BTC) price and did not allow the pair to gain a foothold above the level of $10,800.

BTC/USD chart by TradingView

Today, the rollback from the daily moving average EMA55 is not over yet. During the day, the pair may decline to the support of $10,500. If this level stops sellers, the attempt to break through the daily average price level will be repeated and the maximum is expected in the resistance area of $11,200.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) keeps trading within the rising channel formed a few days ago. The trading volume remains high, however, liquidity is decreasing, which means that a reversal will start soon.

The endpoint of the growth might be the “mirror” level at $11,150, where bears may seize the initiative.

BTC/USD chart by TradingView

However, on the 4H time frame, the picture is bearish. The rise of Bitcoin (BTC) from $10,500 has not been supported by a rising trading volume, which means bulls are unlikely to update local peaks. Applying the Bollinger Bands indicator on the chart, a decline from around $11,000 may end at $10,500, where most of the liquidity is focused. Such price action is relevant through the end of the week.

Bitcoin is trading at $10,942 at press time.

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