Bitcoin Faces Tremendous Sell-Off Pressure at the Price of $12,000

Bitcoin dropped more than 4.4% in price and failed to hold still above the uptrend line yesterday. The movement of Bitcoin price has fallen into sideways between $11,000-$12,000. As can be seen in the 4H chart, Bitcoin had been rejected multiple times when it tried to outbreak the major resistance level at $12,000. It is clear to say there is a strong sell-off pressure around $12,000 and it takes time for the bulls to rebuild their momentum for the next shot.

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