Bitcoin is likely to drop towards $11,000 in the coming days, analysts say. The cryptocurrency is likely to do so as it has formed a strong rejection at the $11,400 resistance level, which has been a level of importance for the asset on a short-term and long-term basis.
Bitcoin Likely to Drop Towards $11,000 as Key Resistance Holds
The analyst that shared the chart below says that Bitcoin will likely hit $11,000 before it rallies to $12,000. He added that around the $11,000 region, even towards $10,800, he will be a net buyer of Bitcoin as the coin is likely to bounce after interacting with that range.
Chart of BTC's price action over the past few months with a market cycle analysis by crypto trader Mac (@Macn on Twitter). Source: BTCUSD from TradingView.com
Macro Trend Still Favoring Bulls
The macro trend still easily favors bulls, analysts say.
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