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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Plunges Under $12,000 After Breakout: Here’s What Could Come Next

Nick Chong
Nick Chong
1 year ago
2 mins read
Ethereum Bison Trails

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On Monday, Bitcoin underwent a notable breakout. The asset surged from the $11,800 baseline it was trading at to a daily high just shy of $12,500 in the span of hours. The move brought BTC above the pivotal $12,000 region, which acted as resistance at the highs of three separate rallies over the past two weeks.

Bitcoin is reversing lower, though, as bears have initiated a strong sell-off. Over the past hour, the asset has plunged from $12,240 to a local low of $11,920. BTC now trades at $12,040 as of this article’s writing, with buyers stepping in to hold the line at $12,000.

Chart of BTC's recent price action from TradingView.com

The plunge lower liquidated $23 million worth of BitMEX long positions. This is actually important to the bull case as the funding rate of futures exchanges, which basically tracks how overextended longs or shorts are, is currently in the positive. A neutral funding rate is likely to be seen before Bitcoin moves higher once again, as that signals neither side of the market is overleveraged.

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC

What’s Next for Bitcoin?

Bitcoin’s correction was seemingly triggered by a similar move lower in the value of gold and equities, which plunged at the same time as the leading cryptocurrency. Although the magnitude of these asset’s individual moves was different, the directionality and timing were similar. This suggests that maybe on a short-term time frame, Bitcoin will follow the trajectory of gold and the stock market.

Related Reading: Is Bitcoin Really In a Bull Market? Here’s Why Analysts Think BTC Isn’t

On a longer-term basis, though, many analysts remain optimistic.

One trader predicted the ongoing correction a number of hours ago. According to his analysis at the time, Bitcoin wicking into the grey zone he depicted would “present an opportunity” to open a long position to target $14,000.

Like other analysts, this trader thinks that Bitcoin breaking above $12,000 gives it fuel to move towards the next important resistance near $14,000.

Image

Chart of BTC's price action over the past few weeks with analysis by "TraderRB" (@Cryptomeowmeow on Twitter). Chart from TradingView.com

This optimism was echoed by a number of other market participants, who say that a move towards $13,000 remains highly likely.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Plunges Under $12,000 After Breakout: Here's What Could Come Next
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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Ad discliamer

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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