Bitcoin has been unable to consistently maintain the $ 12,000 price level with recent corrections falling below $ 11,500 in the past few days. The price is currently up 2.97% and is trading horizontally in a narrow range just above the $ 11,700 support area. According to crypto analyst Michael Van De Poppe, a withdrawal below $ 11,300 could produce a scenario where Bitcoin drops to $ 10,000.
The recent decline does not offer any surprises to investors who think that since September is a monumental time for people to accumulate more Bitcoins, while Bitcoin is likely to reach an all-time high of $ 20,000.
Unlike June and July, Bitcoin’s price in August experienced more pullbacks that led to its massive liquidation on various derivative exchanges.
$ 11,600 Support Level Critical To Bitcoin’s Next Price Move
For Bitcoin to retest $ 12,000, it will need to be strong enough to force buyers to break through the $ 11,800 resistance level, which could cause the price to drop sharply, lowering the support levels.
Below the $ 10,000 mark, the lower support zone appears to be $ 9,700, Michael Van De Poppe sees Bitcoin going that far back as possibilities:
“The crucial area for BTC is the 11,400-11,600 area. If we hold that, we can consolidate a bit and make some smooth leaps. If the region is lost, I think the CME deficit in 9,700 would be a serious scenario. “