Bitcoin Price Saturday Spiral Tramples on Short-Term $12,000 Breakout

The bitcoin price abruptly dropped by more than five percent $10,949 to $10,204 in the past 24 hours at a point which technical analysts described as a critical moment for bitcoin.

As the bitcoin price initially made its way to $10,900, traders anticipated the dominant cryptocurrency to break out of a crucial resistance level and potentially retest $11,400 with the possibility of it rising to $12,000 in the short term.

However, similar to how bitcoin reacted when it tested $10,900, the asset immediately broke down to the low $10,000 region, unable to cleanly climb over a range that has been regarded as heavy resistance since early August.

Some traders have started to indicate the likelihood of bitcoin testing the $9,000 region before it rebounds as it did in the last week of August.


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Author: Neo Anderson

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