There was a major drop in bitcoin price after it broke the $12,000 support against the US Dollar.The price is currently holding the key $10,800 support area, but it remains at a risk of more losses.There was a break below a key bullish trend line with support at $12,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair could extend losses towards the $8,880 level if there is a successful break below $10,800.
Bitcoin price is holding the key $10,800 support area against the US Dollar. Having said that, BTC remains at a risk of more losses if there is no break above $11,600 and $12,000.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin price declined heavily below the $12,200 and $12,000 support levels against the US Dollar. The BTC/USD pair even broke the…