- BTC/USD extends the sell-off with a move below critical support at $12,000.
- The intraday low serves as a barrier for the short-term sellers.
The first digital currency crashed below $12,000 handle during European hours on Thursday after a head-spinning growth towards $13,700 on Wednesday. At the time of writing, BTC/USD is changing hands at $12,925, off the intraday low registered at $11,776.
Bitcoin bulls desperately need to get the price above $12,000 s soon as possible to mitigate the downside pressure and create a positive technical environment for the recovery towards the initial resistance $12,225 (SMA200 – Simple Moving Average – on 15-min chart, SMA50 1-hour chart), followed by $12,800 (middle line of 1-hour Bollinger Band).
On the downside, a move below the intraday low will increase the selling pressure with the next focus on $11,350.
BTC/USD, 15-min chart
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