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Bitcoin Price Sees Steep Drop After Rejection Above $12K
Bitcoin's price dropped from a daily high of $12,300 Tuesday, a price not seen since mid-July
Updated Sep 13, 2021, 11:17 a.m. Published Aug 7, 2019, 12:30 a.m.
The price of bitcoin's recent rise above $12,000 was stopped short a few hours into its rally, with prices sliding by more than $1,000 over the course of the U.S. trading session that followed.
Beginning 10:15 UTC and lasting until 22:15 UTC, BTC witnessed a large pullback, followed by a small bounce near $11,200, providing temporary support. Still, bitcoin's local daily high near $12,325 was the highest price point since July 10.
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With a daily open on August 6 set at $11,800, BTC broke $12,000 at 06:45 UTC to cement a 24-hour high just under $12,300 at 10:15 UTC. From there, a 30-minute sell-off was induced, with its price falling to $11,671.
At the time of writing, BTC is currently changing hands at $11,471
The move down, however, failed to draw significant supporting volume with only 1.1 billion traded over a 24-hour period. This hints a deeper drawdown to levels near $11,200 could be possible.
Major names such as ether , , and also began to fall in value at around the same time as BTC, losing between 2-6 percent over 12 hours.
Disclosure: This author holds bitcoin at the time of writing.
Line Image via CoinDesk
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