The price of (BTC) broke through the resistance level of $12,000, which led to a new yearly high for the number-one cryptocurrency by market capitalization.
However, the breakout was short-lived as the BTC price fell to $11,650 in recent days, marking a drop of almost 10% since the breakout. This drop caused the price of Bitcoin to drop back below the crucial resistance zone of $12,000. This breakdown is causing investors and traders to watch for more downside as several bearish arguments emerge.
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