Bitcoin Price Drops 5% But Likely To Rebound
BTC has fallen more than $1,000 in the last 24 hours, establishing a bearish lower high at $12,061.
A high-volume break above $12,061 is thus needed to revive the bullish view put forward by a bearish channel breakout seen in the 4-hour chart earlier this week. That would open the doors to $13,880.
A move below Wednesday’s low of $10,830 would shift risk in favor of a drop to Tuesday’s low of $9,614.
Bitcoin’s (BTC) price needs to break above $12,061 to mitigate bearish pressure. The top cryptocurrency by market value is currently trading at $11,200 on Bitstamp.
Further, some observers called a bull revival following Tuesday’s sharp recovery from $9,600. For instance, renowned cryptocurrency trader and analyst Josh Rager tweeted Wednesday that BTC is looking “extremely bullish.”
Overall, BTC was looking primed for a rally to key resistance at $12,448 yesterday. Instead, prices topped out at $12,061 and fell back to $11,800 earlier today. As a result, a high-volume break above $12,061 is needed to revive the bullish view.