It traded below $12,000 plus the 23.6% Fib retracement level of the recent wave from the $11,495 low to $12,077 high. However, there is a strong support forming near the $11,750 level and the 100 hourly SMA. The 50% Fib retracement level of the recent wave from the $11,495 low to $12,077 high is also a decent support near the $11,786 level.
The main support on the downside is near the $11,500 level, below which the price could turn bearish in the near term. On the upside, there is a cluster of resistances near the $12,000 and $12,100 levels. Therefore, a successful close above $12,000 is needed for a sustained upward move.
Looking at the chart, bitcoin price is holding a couple of important supports near $11,750 and $11,700. Having said that, the price will only turn bearish in the short term if there is a daily close below $11,500. On the upside, the bulls could target $12,300 and $12,500.