Bitcoin performed a notable recovery above the $11,000 level last week, sending the pioneer cryptocurrency to a two-week trading high.
Bitcoin price chart analysis shows that BTC/USD bulls need to anchor the price above the $11,100 level to secure further upside this week.
Bitcoin medium-term price trend
Bitcoin continues to erase it’s early-month losses, with the BTC/USD pair staging a double-digit recovery from the lows of the month.
Bullish on-chain chain and a notable positive shift in the futures and options markets suggest that the latest recovery may have longevity.
Bitcoin price technical analysis shows that the $11,100 level is the major trading pivot to watch this week.
Technical analysis shows that price stabilization above the $11,100 level is likely to encourage buying interest towards the $12,000, and possibly the $12,500, level.
The daily time frame shows that weakness under $11,100 could result in the BTC/USD revisiting critical weekly support around the $10,550 and $10,300 levels.
Bitcoin short-term price trend
Bitcoin price technical analysis shows that short-term bulls remain in control while the price trades above the $10,630 level.
The four-hour time frame highlights that an inverted head-and-shoulders pattern has yet to reach its full upside potential.
According to the size of the inverted head-and-shoulders pattern, the BTC/USD pair could rally towards the $11,400 area. An over extension towards the $11,700 level is also possible.
Short-term technical analysis shows that bearish MACD price divergence is also present, and extends down towards the $10,500 technical region.
Bitcoin technical summary
Bitcoin technical analysis highlights that bulls need to hold the cryptocurrency above $11,100 level to encourage further buying towards the $12,000 area.
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