{"id":5038,"date":"2020-10-14T16:28:10","date_gmt":"2020-10-14T16:28:10","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=446474"},"modified":"2020-10-14T16:28:10","modified_gmt":"2020-10-14T16:28:10","slug":"bitcoin-bulls-rejected-hard-at-11500-retest-rapid-250-drop-follows","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-bulls-rejected-hard-at-11500-retest-rapid-250-drop-follows\/","title":{"rendered":"Bitcoin Bulls Rejected Hard At $11,500 Retest, Rapid $250 Drop Follows"},"content":{"rendered":"

Bitcoin price<\/a> is experiencing a surge of intraday volatility, rocketing $150 in minutes then collapsing more than $250 just moments later.<\/p>\n

Here’s what is going on in the top-ranked cryptocurrency and what to watch for as price action to develops.<\/p>\n

Triangle False Breakout Rejects Bulls Back Below Resistance At $11,500<\/h2>\n

Bitcoin’s notorious volatility<\/a> is back after a short-lived phase of tranquility. Explosive price action this week following a bullish breakout of a downtrend line on the heels of Square news sent the cryptocurrency well above $11,000 and kept climbing.<\/p>\n

\"bitcoin<\/p>\n

Bulls Rejected After False Descending Triangle Breakout | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Resistance above $11,750 proved too strong to penetrate and the leading crypto asset by market cap fell lower, where a triangle<\/a> began to form.<\/p>\n
Related Reading | Analyst: Sidelined Capital Enough To Push Bitcoin To $1 Trillion Market Cap<\/a><\/strong><\/em><\/p>\n
This morning, a false breakout of the upper trendline baited bulls into a fierce rejection, resulting in a sharp drop of $250 lower.<\/p>\n
Bearish Bitcoin Chart Pattern Points To Retest Of $11,000, Will It Hold?<\/h2>\n
Zooming out further, shows the descending triangle<\/a> breaking down with a potential target of $11,000.<\/p>\n
\"bitcoin<\/p>\n
Descending Triangle Bearish Breakdown in Progress | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Bears have a chance of pushing Bitcoin back down toward $10,000 if bulls cannot defend the key support level. However, if the crypto asset can reclaim $12,000, chances of a higher high in 2020<\/a> will become a lot more likely.<\/p>\n
Related Reading | Dwindling Bitcoin Volatility Could Lead To Decisive Move<\/a><\/strong><\/em><\/p>\n
The current price level is a pivotal range where whichever way breaks, could set the trend for the rest of the year and into 2021<\/a>.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is experiencing a surge of intraday volatility, rocketing $150 in minutes then collapsing more than $250 just moments later….<\/p>\n","protected":false},"author":1,"featured_media":5039,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[44,180,114,251,115],"class_list":["post-5038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdc","tag-btcusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5038"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5038"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5038\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5039"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}