Bitcoin is struggling to move above the pivotal $11,600 level, as traders remain cautious after the recent price plunge towards the $11,100 area. The $11,400 level is a key support area that BTCUSD bulls need to defend if the cryptocurrency starts to decline. If bulls can defend the $11,400 level then a powerful count-ter rally towards the $12,400 resistance area may take place.

The BTCUSD pair is only bullish while trading above the $11,400 level, key resistance is found at the $12,100 and the $12,400 levels.

If the BTCUSD pair trades below the $11,400 level, sellers may test the $11,100 and $10,500 levels.

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