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Home Cryptocurrency news Bitcoin

Bitcoin Breaks Below $11,000, How Deep Will The Selloff Go?

Tony Spilotro by Tony Spilotro
5 months ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 2min read
bitcoin btcusd

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Bitcoin price just two days ago was trading above $12,000, but a failure to hold above the key resistance level has sent the cryptocurrency tumbling. Moments ago, the crypto asset fell below $11,000 for the first time in over a month. Can bulls hold this important support, or is this just a pit stop on the way down further?

Bitcoin Falls Below $11,000 Momentarily, Bulls Attempt To Build Support

Bitcoin price continues to struggle now that its broken above resistance at $10,000. Much like that critical level prevented the cryptocurrency from trading higher until several attempts at getting through, $12,000 may prove to do the same.

The last trip to $12,000 could be the last for some time, now that just days later the cryptocurrency is trading at $1,000 below it. The reasons for the sudden and sharp decline in Bitcoin include a strong rebound in the dollar, growing uncertainty surrounding the upcoming US election, and several mining pools moving large sums of BTC to exchanges.

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Related Reading | Current Bitcoin Price Action Closely Follows Textbook Distribution Pattern

It has caused the cryptocurrency market as a whole to become a sea of red, with nearly all assets suffering in the greater market collapse. Stocks also sank, and gold is trading lower, suggesting that there’s potentially a change in the tide ahead.

bitcoin btcusd

BTCUSD Daily $1000 Drop | Source: TradingView

Historically, September has not been a strong month for Bitcoin or cryptocurrencies. Additionally, heading down from here over the next several months could bring Bitcoin and other assets to a December bottom projected by the Donald Bradley Siderograph. The unorthodox financial timing tool recently called the Black Thursday collapse, Bitcoin’s halving rally, and potentially an August peak. The next key “turn date” is on December 2nd.

This theory also lines up well with post-election recovery. With the United States in extreme political unrest, and two parties more opposed than ever, the election is especially pivotal. A Joe Biden win could cause markets to further collapse, while a Trump win could lead to a rally.

Related Reading | This Monthly MACD Bearish Divergence Warns Of Imminent Bitcoin Crash

A worst-case scenario could lead to disagreement over polling results, which could run into issues considering the current state of restrictions due to the pandemic.

Whatever the reason, markets are turning bearish, and its causing Bitcoin price to fall. As for how deep the correction could go, a retest of $10,250 at this point seems likely and is a mere $500 away after the drop to nearly $10,650 at the low.

That level acted as the final resistance before this latest rally took place. Below there, $9250 could act as support, or potentially deeper at $8,500. Below any of those levels, the cryptocurrency could be in great danger of a more serious correction, as it would take the price per BTC significantly below the cost of production.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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