Bitcoin Dips Below $11,000: Analysts Forecast 30% Drop to CME Futures Gap
After a short period of consolidation, Bitcoin (BTC) broke down and has dropped below the key support level of $11,000 that has previously been a strong region of buying pressure for the cryptocurrency.
Now, analysts are noting that the drop may continue on until Bitcoin fills its CME futures gap that currently exists in the low-$8,000 region, which may mean that embattled investors will face another 30% drop before the crypto reverses its downtrend and begins climbing higher.
Bitcoin Drops Below $11,000 as Selling Pressure Builds
At the time of writing, is trading down nearly 4% at its of $10,980, which is down significantly from its 24-hour highs of over $11,400.
Over a one-week period, it is abundantly clear that today’s drop marks an extension of the downwards momentum that BTC first incurred when it dropped from weekly highs of over $12,000.
Importantly, $12,000 has proven to be a strong level of resistance for Bitcoin, as it has faced violent rejections with each attempt to decisively break above this price level.