On the weekly timeframes, BTCUSD has been deriving support from the ascending 20-SMA since late-April
Bitcoin has been consolidating with a bullish bias these days, oscillating around the $11,000 figure and holding above the $10,000 psychological level for the past week. The fact that the first cryptocurrency is holding above this important threshold suggests that investors are not ready to resume the recent sell-off seen earlier this month, with the prices standing ready to edge higher after the current consolidation.
Earlier in September, BTCUSD plunged to a low of $9,800 and has been correcting higher since then. Now, the key obstacle for bulls arrives at $11,100. This level has been capping gains for the last three days. On Thursday, the coin finished marginally lower but the upside bias reemerged today, which implies that the digital currency could be getting ready for another bull run in the days to come.
In a wider picture, BTC has been rising for the second consecutive week but is yet to erase losses witnessed at the beginning of this month as the selling pressure was much stronger at that time in comparison with the recovery impetus seen these days. On the weekly timeframes, BTCUSD has been deriving support from the ascending 20-SMA since late-April. As long as the prices stay above this moving average, downside risks for the digital currency are limited.
Should the buying pressure persist in the near term, the coin will target the $11,400 intermediate resistance after a break above the $11,100 current barrier. In the longer term, the key goal still arrives at the $12,000 level last seen on September 2.
Meanwhile, there are some signs of weakness on the hourly charts, as the RSI turned slightly lower, suggesting the upside pressure could remain limited for the time being, and BTCUSD will likely fail to make a decisive break above the $11,100 level in the immediate term. On the downside, the nearest support arrives at $10,900 where the 20-hourly SMA lies.