Bitcoin Price Analysis: BTC/USD got rejected from $12,000 after Bithumb gets raided by police

Bitcoin had a significant crash and rejection right after touching $12,000 again.
Police have seized Bithumb headquarters on charges of fraud.

Bitcoin is facing a lot of selling pressure after another rejection from the crucial $12,000 level and the recent news from Korea. Bithumb, the largest cryptocurrency exchange in the country is facing fraud charges and its headquarters have been seized by police.

According to the Seoul Metropolitan Government, the search for seizure is related to suspicion of investment fraud related to the issuance of BXA token, which is a cryptocurrency, while Chairman Lee negotiated the sale of Bithumb with Kim Byung-gun (57), BK Group chairman in October 2018. BXA victims have claimed that Chairman Lee and others have inflicted damage by not actually listing even though they pre-sell 30 billion won in the name of listing BXA on Bithumb.

Bitcoin is struggling to beat $12,000

It seems that this new resistance area is similar to the $10,000 level where Bitcoin spent more than two months. Bitcoin bulls had a few fakeouts back then as well which indicates that the current situation is similar.

$BTC #BITCOIN

As discussed in the recent video update, the crucial area to hold is approaching.

The $12,000 level has been my area for resistance and we've hit and rejected.

Now I'd like to see $11,575-11,675 hold for support, through which continuation of the range is likely. pic.twitter.com/PZUcsMOBYf
— Crypto Michaël (@CryptoMichNL) September 2, 2020

Unfortunately, technical analysis is less effective due to the news from Bithumb.

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