Bitcoin Bulls Rejected Hard At $11,500 Retest, Rapid $250 Drop Follows
Bitcoin price is experiencing a surge of intraday volatility, rocketing $150 in minutes then collapsing more than $250 just moments later.
Here’s what is going on in the top-ranked cryptocurrency and what to watch for as price action to develops.
Triangle False Breakout Rejects Bulls Back Below Resistance At $11,500
Bitcoin’s notorious volatility is back after a short-lived phase of tranquility. Explosive price action this week following a bullish breakout of a downtrend line on the heels of Square news sent the cryptocurrency well above $11,000 and kept climbing.
Bears have a chance of pushing Bitcoin back down toward $10,000 if bulls cannot defend the key support level. However, if the crypto asset can reclaim $12,000, chances of a higher high in 2020 will become a lot more likely.