BTC/USD is currently trading at $11,428 after a robust and renewed daily uptrend that touches the daily high of $11,561. This time, the Bitcoin price did not react positively; however, we know the cause of the recent setback. The dollar index has strengthened and Bitcoin has an inverse correlation with it. On the daily chart, the price of Bitcoin has managed to remain above the 9-day and 21-day moving averages, turning both into support levels.

What to Expect from Bitcoin (BTC)
According to the daily chart, despite this strong upward movement, the price is currently facing rejection at the $11,561 resistance level. While the technical indicator RSI (14) shows sustained bullish momentum but it looks like this level has been strong enough to absorb an immense amount of buying pressure as the signal line is seen nose-diving below 66-level. The resistance levels to watch for are $12,000, $12,200, and $12,400.

However, there are several possible areas that should help bring up BTC/USD if the bears take back control of the asset. The $11,250 and $11,150 will be the first levels to observe if a downtrend begins. From there, we have the first main support zone, which sits around $11,000 and additional supports may be found at $10,800 and $10,600 respectively.

Reference by: Azeez Mustapha