Bitcoin (BTC) is showing signs of weakness after a heavy sell yesterday. Sellers lowered the price of BTC to the $ 11,100 level before finding significant support that allowed it to rise to the $ 11,400 level.
However, as the price of BTC rapidly increased to $ 11,400 after this move, this decline has not continued for now. However, there are some risks for the leading crypto money in a short time. Some analysts even claim that the price of Bitcoin will drop to the level of $ 10,000 in the coming days. Bitcoin is currently facing intense selling pressure, putting its position in the $ 11,000 zone at risk.
This happened after BTC’s price hit the $ 11,100 zone, and the ongoing intense selling pressure from sellers could push BTC far lower than its current level.
The $ 11,300 zone has become a mild support for now, as buyers have fiercely defended against a break below this important price level. However, if Bitcoin is pulled back into the $ 10,000 zone again, it would have been a significant drop, given the $ 12,400 level of the leading coin.
Bitcoin is being traded at $ 11,495 as of writing. Bitcoin, which rose to $ 11,400 after touching the low levels, is trying to recover its price for now, even though it has encountered a rejection during the day.
An analyst notes that BTC is currently trading around a price zone it is longing for, but a possible breakout here could be dire for BTC.