• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Analysts Are Watching This Level After Bitcoin Price Plunged Under $12,000

Nick Chong by Nick Chong
2 years ago
in Bitcoin Price
0
Advertisement
  • Bitcoin seriously broke higher on Monday, breaking above $12,400 for the first time since 2019.
  • The asset has since suffered a strong correction to $11,900, where it trades as of this article’s writing.
  • BTC’s drop comes after the value of gold and the S&P 500 plunged after a strong start to the Tuesday trading session.
  • Bitcoin remains above a pivotal support level, though, that analysts say the asset must hold to remain in a bullish state.
  • BTC is now trading below the pivotal $12,000 level. That level held as resistance during a number of rallies in the past two weeks.

Bitcoin Must Hold This Level to Maintain Bullish Bias

Across the board, analysts are saying Bitcoin must maintain the $11,700-11,800 zone to maintain the bullish trend it confirmed after the $12,000 breakout.

One analyst shared this chart below after the plunge. It shows that $11,700 has been technically important to BTC’s bull case over the past week especially. Bitcoin managing to break below it, towards the bottom of the depicted triangle formation, likely indicates that more consolidation is likely.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“Yikes. Clean reaction no more. Needs that 11700 hold for me. Hour and a half to go,” the trader commented.

Image

Chart of BTC's price action over the past few weeks with analysis by trader "Cold Blooded Shiller" (@Coldbloodshill on Twitter). Chart from TradingView.com

Other analysts have corroborated the sentiment of the importance of the aforementioned region. Referencing the same region that the aforementioned trader mentioned, another commentator explained:

“Bids filled. Won’t stick around long if this continues to drop, but this is the spot I was watching. If we get a bit more bounce I will move my stops up further.”
Bitcoin giving up the support that lies latent in the $11,700-11,800 region will open price action up to further downside.

What’s Next?

What’s next for BTC if it manages to hold the aforementioned support levels?

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

As optimistic as this may sound, they think that eventually, a move towards $13,000 will be had. $13,000 is the next macro resistance level that Bitcoin faces down after $11,500, some commentators have suggested.

$13,000 is also the target of the ascending triangle Bitcoin has been trading in over the past two weeks. This target is calculated by taking the height of the triangle, $1,000, and extending it upward from the top of the ascending triangle to $13,000.

Some have even gone as far as to say that $14,000 is likely. Another trader who assigned importance to the support around $11,700-11,800 noted that if the asset can hold that level, $14,000 will soon be had.

Image

Chart of BTC's price action over the past few weeks with analysis by "TraderRB" (@Cryptomeowmeow on Twitter). Chart from TradingView.com
Photo by Ingmar on Unsplash
Price tags: xbtusd, btcusd, btcusdt 
Charts from TradingView.com
Analysts Are Watching This Level After Bitcoin Price Plunged Under $12,000
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Bitcoin Drops To $26K As Crypto Sell-Off Continues – Will The Slide Approach $25K?

2 months ago
Bitcoin price

Bitcoin Price Nosedives As Russian Missiles Strike Ukraine’s Cities

4 months ago
Crypto mining

Former Soviet Republic Is Primed For Crypto Mining, Despite Its Burgeoning Power Deficit

4 months ago
European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

6 months ago
Bitcoin mining stocks, a coal mine

Bitcoin Mining Stocks Beat BTC Two-To-One in 2021 ROI

7 months ago
Price, The Bitcoinist Book Club logo

Bitcoinist Book Club: “The Bitcoin Standard” (Chapter 6, Part 1: Price)

11 months ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.