Bitcoin is attempting to find a new short-term directional bias, after staging a solid technical recovery from the $11,100 support area. BTCUSD bulls need to anchor price above the $11,600 level to secure another key test of the current yearly high, around the $12,100 area. To the downside, a breach of the $11,100 support level exposes further losses towards the $10,500 area.
The BTCUSD pair is only bullish while trading above the $11,600 level, key resistance is found at the $12,100 and the $12,400 levels.
If the BTCUSD pair trades below the $11,600 level, sellers may test the $11,100 and $10,500 levels.
