Bitcoin Plunges Under Pivotal $11.5k Support: What Do Analysts Think Is Next?

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Bitcoin is slipping lower after peaking at $11,950 just the other day. This marked the second major rejection at the pivotal $12,000 level in the span of a week. As of the time of this article’s writing, BTC is trading for $11,400. This is the lowest price in days, with the asset last trading this low after last week’s flash crash. Analysts believe that Bitcoin’s ongoing drop could be a precursor to a greater move lower. $11,500 has been a level that traders have been watching with intrigue. Some have dubbed that level the “most important level” for BTC in its existence. Bitcoin failing to hold this level on a weekly basis will mark a loss for the medium-term bull case. Bitcoin Slides Under $11,500, Causing Margin Liquidations Just minutes ago, Bitcoin decisively slid under the $11,500 support as bears piled onto the cryptocurrency. As of the time of this…

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