Now, analysts are noting that the drop may continue on until Bitcoin fills its CME futures gap that currently exists in the low-$8,000 region, which may mean that embattled investors will face another 30% drop before the crypto reverses its downtrend and begins climbing higher.
Bitcoin Drops Below $11,000 as Selling Pressure Builds
At the time of writing, Bitcoin is trading down nearly 4% at its current price of $10,980, which is down significantly from its 24-hour highs of over $11,400.
Over a one-week period, it is abundantly clear that today’s drop marks an extension of the downwards momentum that BTC first incurred when it dropped from weekly highs of over $12,000.
Importantly, $12,000 has proven to be a strong level of resistance for Bitcoin, as it has faced violent rejections with each attempt to decisively break above this price level.
Now, analysts are noting that it is highly probable that the cryptocurrency dips lower in the near future, as Mitoshi Kaku, a popular crypto analyst on Twitter, explained in a recent tweet that $10,600 is BTC’s next key level of support.
“On the macro level (1W) I’m looking at two main levels $10.6 and $10.1 — Lose those levels and $8.6K is almost guaranteed imo! Between 10/28 & 11/11,” he noted.
On the macro level (1W) I'm looking at two main levels $10.6 and $10.1 — Loose those levels and $8.6K is almost guaranteed imo! Between 10/28 & 11/11 $BTC #Gann . pic.twitter.com/axQhJxRi70
— Mitoshi Kaku