- Bitcoin price started a significant decline from the $13,200 swing high against the US Dollar.
- The price is down more than $2,000 and it even broke the $11,800 support area.
- There was a break below a major bullish trend line with support near $12,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The next important supports on the downside are near $11,000 and $10,800.
Bitcoin price nosedived by more than $2,000 from well above $13,000 against the US Dollar. BTC is now approaching the next important support near the $10,800 level.
Bitcoin Price Analysis
Yesterday, bitcoin price made a few attempts to settle above $13,000 against the US Dollar. However, the BTC/USD pair failed to gain momentum and recently started a sharp decline below $12,800 and $12,500. The recent decline was nasty, dragging Ethereum, BCH, LTC, ripple and the crypto market cap lower significantly. BTC broke the $12,000 and $11,800 support levels to move into a bearish zone.
Moreover, there was a break below a major bullish trend line with support near $12,800 on the hourly chart of the BTC/USD pair. The pair even settled below $11,500 and 100 hourly simple moving average. It is down more than 12% and broke the key $11,400 support as well. Moreover, there was a break below the 50% Fib retracement level of the last major move from the $11,001 low to $13,200 high.