Bitcoin’s strong price action has shown some signs of faltering as the cryptocurrency’s price declines down towards $12,000 following yesterday’s sharp upswing.
This level – which was previously heavy resistance – may soon be confirmed as support as the cryptocurrency’s price begins drifting lower.
Analysts are now widely noting that BTC is well-positioned to see further upside in the days and weeks ahead, which could potentially lead it as high as $13,600.
This mid-term technical strength, however, does not mean that the cryptocurrency won’t see any short-term downside, as there are a few factors that seem to indicate a slight move lower is imminent in the days and weeks ahead.
Bulls and bears are currently battling for control of the key $12,000 region, as any sustained break beneath this level may lead it to plunge significantly lower.
Bitcoin Shows Signs of Weakness as Bulls Defend $12,000
Bitcoin may be currently undergoing a potential support-resistance flip.
After spending weeks trapped beneath $12,000, the cryptocurrency is now in the process…