Bitcoin (BTC) extends the decline, stops within a whisker of $11,000

Cryptos | 07/11/2019 04:56:14 GMT

BTC/USD has lost nearly 12% in recent 24 hours amid growing bearish pressure.
The key support is created by a psychological barrier of $11,000.

Bitcoin (BTC) resumed the sell-off after a short period of consolidation below $12,000. The coin hit the new intraday low at $11,175 and recovered to $11,348 by the time of writing. BTC/USD has lost nearly 7% of its value since the beginning of the day and over 11% in recent 24 hours.

It is worth noting that this bearish wave is not accompanied by a spike in trading volumes, which means that the sell-off is likely to be short-lived.

Looking technically, the initial resistance is created at $11,700 by SMA200 (Simple Moving Average) 1-hour and the middle line of 15-min Bollinger Band). Once it is cleared, the recovery is likely to gain traction with the next focus on $12,000.

On the downside, the critical support lies at psychological $11,000. A sustainable move lower will increase the downside pressure and push the price towards $10.290 (SMA200, 4-hour, the lower boundary of the 1-day Bollinger Band).

BTC/USD, 1-hour chart

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