Bitcoin price analysis: BTC/USD is ripe for short-term correction before another bullish assault

• Bitcoin (BTC/USD) has gained nearly 7% in recent 24 hours.
• The intraday RSI implies that the price may retreat from the recent highs.

Bitcoin, the most popular cryptocurrency, has been growing strongly since the beginning of Monday. BTC/USD has gained nearly 7% of its value in recent 24 hours, with the best part of the upside movement happening during Asian hours.  

A sustainable move above the psychological $11,000 barrier created a strong momentum that took the price towards the current intraday high of $11,658. Bitcoin’s market share surpassed 67% for the fits time since the beginning of April 2017.  

Bitcoin’s technical picture

BTC/USD has moved above the upper line of 1-day Bollinger Band at $11,350, which now serves as an initial support level. Once it is out of the way, the downside correction may gain traction and push the price towards $11,000. New buying interest around that handle is expected to stop the sell-off; however, a move below this barrier will open up the way towards $10,700 (SMA50 (Simple Moving Average) on a daily chart).

There are few strong barriers on the way to the North. However, we will need to see a sustainable move above $11,660  the upside to gain traction. This short-term resistance is created by a confluence of the highest level of the previous hour and 61.8% Fibo retracement monthly. The next bull’s target awaits us on approach to $12,000.

Note that the Relative Strength Index on the 1-hour chart has reversed to the downside ready to exit an overbought territory. This development may signal that the short-term correction may be underway. On the daily chart, the RSI still points upwards, which implies that the longer-term trend remains bullish.

BTC/USD, 1-day chart