After consolidating in the upper-$11,000 period for an extended period of time, Bitcoin (BTC) incurred a sudden influx of selling pressure that sent the crypto reeling down to lows of roughly $11,300, at which point it found some support.
Analysts are now noting that Bitcoin’s bulls are safe so long as the crypto holds above a key support level, but a breach below this level could lead to a significant pullback.
Bitcoin Drops Towards $11,000 as Bears Gain Greater Strength
At the time of writing, Bitcoin is trading down nearly 3% at its current price of roughly $11,400, which is down significantly from its daily highs of roughly $12,000 that were set yesterday.
Bitcoin’s latest drop came about after an extended period of consolidation in the upper $11,000 region, which had led many analysts to believe that BTC was gearing up for a big movement upwards.