Bitcoin: price suddenly falls by over 500 USD

The recovery of $ 11,500 from the pleasing die. But $ 12,000 is a level. Bitcoin (BTC) is up several hundred dollars in seconds on August 10 when the $ 12,000 mark is seen as strong resistance. BTC rate holds at $ 11,700 The BTC / USD pair st. It then bounced back from $ 11,500 and holds up safely at $ 11,700. Damn full of Bitcoin, it perfectly made up the empty void in the CME Group’s Bitcoin futures market, which was just under $ 11,700.

Analyst: $ 13,000 after $ 12,000 breakout
For the Markets analyst Michael Poppe, the sudden slump indicated that Bitcoin is returning to the pattern of behavior of recent months.
“The chart for the smaller time frame explains what has just happened. Basically we are back in the scheme with the ranges,” said van der Poppe on Twitter.
This behavior with the formation of tension has become a defining feature of the BTC / USD pair in 2020. The latest gains have been the result of a slowly narrowing range to a point. This process is called compression.In the future, lower levels could be retested. Significant support at just over $ 10,000 would still be suitable as a floor, Van de Poppe said.