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  • Bitcoin free-falls under $12,000; unlikely to hold onto the short support at $11,700.
  • The path of least resistance is downward with Bitcoin likely to refresh levels at $12,500.

Bitcoin price is pulling the entire market down with it following losses under $12,000. The failure to hold above the expected support at $12,200 must-have encouraged more sellers to join the market and push for revenge. Note that, Bitcoin massively broke out past $12,000 and approached the key level at $12,500. However, a new yearly was traded at $12,492, marking the end of the rally.

At the time of writing, Bitcoin is trading at $11,774. It has lost 1.5% of its value on the day considering the largest digital asset commenced the session at $11,955. The prevailing trend is strongly bearish, however, with shrinking volatility, BTC is likely to onto to short term support at $11,700.

As mentioned above, the dominant trend is bearish and this highlighted by the RSI’s slump into the oversold region. Similarly, the MACD is moving lower in the negative territory. In other words, sellers have the say at the moment and the most probable direction for BTC is downward unless support at $11,700 stays intact and buyers keep their eyes on $12,000.

BTC/USD 1-hour chart

BTC/USD price chart