In the past few days, the BTC/USD pair started a fresh increase from the $11,500 support region. The BTC price gained traction and broke a couple of important hurdles near $11,800 to move into a positive zone. As a result, the price broke the $12,000 resistance and it traded well above the 100 hourly simple moving average (SMA).
The upside move was such that there was a break above a short-term declining channel on the hourly chart of the BTC/USD pair, with resistance near $11,665. A new monthly high is formed close to $12,084 and the price is currently consolidating gains. At press time, BTC is up by 2.4% at its current price of $11,960. The hourly MACD for the pair is now gaining pace in the bullish zone. Its hourly RSI (Relative Strength Index) is currently well above the 60 level.
On the upside, the $12,050 and $12,100 levels are acting as initial hurdles for the bulls. A successful break above the $12,100 level could pave way for a push towards the $12,400 and $12,500 resistance levels in the near term.
Conversely, if BTC starts a downside correction, an initial support could be close to the $12,000 level. It is near the 23.6% Fib retracement level of the recent sharp rise from the $11,536 low to $12,084 high. Meanwhile, the main support is now forming near the recent breakout zone at $11,900. It is also close to the 50% Fib retracement level of the recent sharp rise from the $11,536 low to $12,084 high.
The first key support is near the $11,800 level, below which the price might continue to move down. In the mentioned bearish case, the price is likely to continue lower towards the $11,700 level and the 100 hourly SMA, where the bulls are likely to lose control.