Bitcoin price is currently trading at $10,914.84 (+2.10%) after a notable drop just a few days ago. In the last 7 days, the BTC/USD price has increased by almost +4.48%. The digital asset displayed a poor performance because of a major crash on September 3.
Bitcoin price dropped below $10,000 several times but bulls managed to defend the crucial support level and are now seeing a bounce towards $11,000 again. Is Bitcoin price aiming to touch $11,500 in the short term? Let’s take a look at it in more detail.
Bitcoin Price Analysis: The BTC Price is in a Decision Making Phase
In the last 24 hrs, initially, the Bitcoin price was trying to go past the $11,000 mark but if we closely observe the daily chart then it is still below the $11,000 mark, and then it has two important resistances. The most crucial are 0.236 Fib ($11,328.16) and 0.382 Fib ($11,677.54). If the BTC price fails to crack the first resistance in the next 48 hours then it could once again fall between the $10,800 to $11,100 region. So, if BTC wants to touch the $11,500 mark then it is important to crack these two resistances. The important metrics are as follows:
- Price $10,914.31
- 24hr Change +2.00%
- 24hr Vol $1,145,993,388
- Liquid Marketcap $202,150,878,933
- Liquid Supply 18,501,227
Bitcoin Price Analysis: BTC Price Long-Term Forecast
Now, if we closely observe the weekly and monthly Bitcoin price charts, then we will find that the long-term outlook for BTC price could be promising. The weekly chart seems to be in support of the bulls but the 12-EMA and the 26-EMA could be crucial in the next 2-3 days.
Now, if we observe the weekly Parabolic SAR, then we will find that the dots have formed between the $8924 and $10,239 price range, and as per the Parabolic SAR, the rate of change is often described its sensitivity, can be adjusted by reducing the step. This operates by extending the gap between SAR and price.
So, right now, the SAR dots are not far from the current Bitcoin price in the weekly chart, which could indicate that the BTC/USD price could increase in the next few days. The good thing could be that the lower SAR dots are too far from the current Bitcoin price in the monthly chart.
In the weekly chart, while zooming out, we may find how bullish Bitcoin has remained despite the past bearish movement. It seems that the Bulls have maintained the closest higher low level at $8,833 and now could be waiting for the next leg up of the weekly uptrend.
The next target for Bitcoin price could be the two resistances mentioned above. A bounce from the first level could push Bitcoin price above $11,200 again and could create a stability pattern in the forthcoming weeks. We wish you happy trading!