Analysts Believe the $11,700 Barrier Could Lead To a Bearish Correction in BTC Price

For the past few days, the BTC/USD pair has been consolidating within the upper-$11,000 zone. BTC started its ongoing session of sideways trading last weekend after facing a strong rejection at $12,000 level. The selling pressure at this level has been difficult for the bulls to contain. Traders are now shifting their attention towards altcoins – which have been accumulating massive gains over the past several days.

Bulls have been battling to take control over the $11,700 throughout the past few sessions. Analysts have noted the importance of this level on BTC’s price in the coming days. One trader posted on Twitter that the $11,700 is a vital level for BTC which will be “a hard one to conquer”

Now you know what I meant with 11,700 being a vital level for bitcoin.

It will be a hard one to conquer $BTC pic.twitter.com/hpMQWJkRSO

— Teddy (@TeddyCleps) August 7, 2020

The crucial resistance that BTC bulls are currently facing sits between $11,700 and $12,000. Despite a likely close above $11,700, another trader is also betting short on BTC. He believes that it will be impossible for BTC to break above this price region in the near-term. He therefore predicted a downside target of roughly $10,300.

#Bitcoin / $BTC – Decided not to take the short because the retest was too immediate / strong. This is what I'd look for to short for now. pic.twitter.com/8uLVNpdRtu

— Calmly | full-time trader (@im_calmly) August 8, 2020

Though BTC managed to break above $12,000 somewhere last week, it made a pull back after facing a harsh rejection. After finding a strong support within the sub-$11,000 region, BTC was able to post a strong rebound that subsequently propelled it up towards its current price levels. From this point, the BTC price has been consolidating within the upper $11,000 region. Where the flagship crypto trends in the coming days may depend largely on whether or not the bulls can clearly close the day above $11,700. At press time, BTC has not made any significant gains over the past 24 hours. It is currently trading at $11,718. The coin has been trading around this region throughout the past several days and weeks.

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