Bitcoin price just two days ago was trading above $12,000, but a failure to hold above the key resistance level has sent the cryptocurrency tumbling. Moments ago, the crypto asset fell below $11,000 for the first time in over a month. Can bulls hold this important support, or is this just a pit stop on the way down further?
Bitcoin Falls Below $11,000 Momentarily, Bulls Attempt To Build Support
Bitcoin price continues to struggle now that its broken above resistance at $10,000. Much like that critical level prevented the cryptocurrency from trading higher until several attempts at getting through, $12,000 may prove to do the same.
The last trip to $12,000 could be the last for some time, now that just days later the cryptocurrency is trading at $1,000 below it. The reasons for the sudden and sharp decline in Bitcoin include a strong rebound in the dollar, growing uncertainty surrounding the upcoming US election, and several mining pools moving large sums of BTC to exchanges.
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It has caused the cryptocurrency market as a whole to become a sea of red, with nearly all assets suffering in the greater market collapse. Stocks also sank, and gold is trading lower, suggesting that there’s potentially a change in the tide ahead.
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