RATE Group | Bitcoin Plummets To $11,600 As Bull Case Weakens; Factors & Trends
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Bitcoin Plummets To $11,600 As Bull Case Weakens; Factors & Trends

07 Aug Bitcoin Plummets To $11,600 As Bull Case Weakens; Factors & Trends

Posted at 23:12h in Bitcoin News by

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Bitcoin and the aggregated crypto markets incurred a significant influx of buying pressure earlier this morning that ultimately resulted in yet another swift rejection that sent the markets reeling lower.

This rejection and the subsequent drop have weakened the bullish scenario that many analysts believed BTC was facing, and some analysts are now noting that a much larger drop could occur if Bitcoin closes the day below its resistance levels.

Bitcoin Plummets Towards $11,600 as Bears Roar 

At the time of writing, Bitcoin is trading down nearly 1% at its current price of $11,670, which is down significantly from its daily highs of nearly $12,100 that were set earlier this morning.

Bitcoin has been incurring significant buying pressure over the past couple of days that has allowed it to put a significant amount of distance between its recent lows of $9,100 and its current price.

Despite this, BTC’s bulls may not be as strong as some had expected them to be, as the cryptocurrency has…

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