Bitcoin and the aggregated crypto markets incurred a significant influx of buying pressure earlier this morning that ultimately resulted in yet another swift rejection that sent the markets reeling lower.
This rejection and the subsequent drop have weakened the bullish scenario that many analysts believed BTC was facing, and some analysts are now noting that a much larger drop could occur if Bitcoin closes the day below its resistance levels.
Bitcoin Plummets Towards $11,600 as Bears Roar
At the time of writing, Bitcoin is trading down nearly 1% at its current price of $11,670, which is down significantly from its daily highs of nearly $12,100 that were set earlier this morning.
Bitcoin has been incurring significant buying pressure over the past couple of days that has allowed it to put a significant amount of distance between its recent lows of $9,100 and its current price.
Despite this, BTC’s bulls may not be as strong as some had expected them to be, as the cryptocurrency has now been rejected in the $12,000 region on multiple occasions.
These rejections may signal that bears still have the upper hand over bulls, which may also point to the possibility that the cryptocurrency’s recently incurred gains may be in grave jeopardy.
“Oh $BTC #Bitcoin, you nasty,” Big Cheds, a popular cryptocurrency analyst on Twitter, concisely noted in a recent tweet, pointing to the rejection at $12,000.
Analyst: BTC Could Plummet Further if Resistance Holds
Furthermore, analysts are also noting that Bitcoin’s recent volatility and rejections in the $12,000 region may signal that further losses are imminent, assuming it is unable to incur any massive buying pressure before the end of the day.
The Cryptomist, a popular cryptocurrency analyst on Twitter, discussed this in a recent tweet, saying:
“People who claim ‘manipulation’ are just lazy. Data shows we previously put in two volatile upper wicks within these daily resistances before dump. We’ve just put in two volatile upper wicks, I am expecting dump to commence if we close below resistance today. Happy to be wrong!”
Although Bitcoin remains in limbo between another bull run and another deep pullback, it is clear that further volatility is imminent in the near-future.