Bitcoin (BTC) fell hundreds of dollars in seconds on August 10, when $ 12,000 was again very unwieldy.
Daily chart of the cryptocurrency market for August 10th. Source: Coin360
The BTC price is $ 11,700
Data from Cointelegraph Markets and Coin360 showed A 4% BTC / USD decline during Monday’s trading, Ricochets from $ 11,500 and back to $ 11,700 since then.
There Bitcoin neatly covered the recent void in CME Group’s Bitcoin futures marketsThat was just under $ 11,700.
Daily chart of the BTC / USD pair. Source: Coin360
A classic piece Cointelegraph predicted during the day that markets would likely try to move lower in the short term to close the gap.in line with standard behavior.
The event caused a dramatic increase in the liquidations of the derivative firm BitMEXas confirmed by the monitoring resource data Aslant.
Settlements of the BTC / USD pair to BitMEX. Source: Skew
Analyst: $ 13,000 follows a $ 12,000 leak
For the analyst of Cointelegraph Markets, Michaël van de PoppeThe sudden decline indicates that Bitcoin is returning to the pattern of behavior seen over the past few months.
“A smaller timing diagram explains what just happened. We’re back on the Scope schedule“he told Twitter followers.
“Ranging” within a certain price range has become a feature of BTC / USD in 2020with recent bullish gains over a period of time slowly slowing to a point – a process known as compression.
In the future, lower levels could be retestedVan de Poppe believes that significant support of just over $ 10,000 is still eligible for the price floor.
“A longer time frame; I’m still waiting for a scenario like this,” he continued.
“However, if we break the $ 12,000, we’ll likely see $ 13,000.”
Attention will now be focused on the bulls’ ability to consolidate $ 12,000 as a support zone, something that has not yet happened at a significant level for Bitcoin.
However, the last weekly close was the highest since January 2018 and the first drop from Bitcoin all-time highs of $ 20,000.