Bitcoin Price Drops by $700 in Minutes After Failing to Crack $11K

Bitcoin (BTC) price faced fresh bearish sentiment Aug. 21 after a rejection of $11,000 sent markets tumbling hundreds of dollars in minutes.

Market visualization. Source: Coin360

$9K Levels on horizon for Bitcoin price

Data from Coin360 shows BTC/USD topping out at just under $10,900 before reversing. Hours later, a sudden loss of support saw the pair dip to below $10,100 before bouncing slightly higher.

Bitcoin 7-day price chart. Source: Coin360

The move counters previous theories that Bitcoin price could grow to reclaim $11,000 support, something reported by Cointelegraph on Tuesday. 

The $10,200 level is meanwhile significant, having formed the previous week’s closing price. 

“Currently bouncing off long term trend line and wanting to watch a close above $10,200,” regular trader and analyst Josh Rager summarized in fresh analysis on Wednesday. 

Despite trading at at least $9,300 since mid June, sentiment around has dramatically changed in recent days, according to some…