After a short period of consolidation, Bitcoin (BTC) broke down and has dropped below the key support level of $11,000 that has previously been a strong region of buying pressure for the cryptocurrency.<\/p>\n
Now, analysts are noting that the drop may continue on until Bitcoin fills its CME futures gap that currently exists in the low-$8,000 region, which may mean that embattled investors will face another 30% drop before the crypto reverses its downtrend and begins climbing higher.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 4% at its current price<\/a> of $10,980, which is down significantly from its 24-hour highs of over $11,400.<\/p>\n Over a one-week period, it is abundantly clear that today\u2019s drop marks an extension of the downwards momentum that BTC first incurred when it dropped from weekly highs of over $12,000.<\/p>\n Importantly, $12,000 has proven to be a strong level of resistance for Bitcoin, as it has faced violent rejections with each attempt to decisively break above this price level.<\/p>\n Now, analysts are noting that it is highly probable that the cryptocurrency dips lower in the near future, as Mitoshi Kaku, a popular crypto analyst on Twitter, explained in a recent tweet that $10,600 is BTC\u2019s next key level of support.<\/p>\n \u201cOn the macro level (1W) I’m looking at two main levels $10.6 and $10.1 — Lose those levels and $8.6K is almost guaranteed imo! Between 10\/28 & 11\/11,\u201d he noted.<\/p><\/blockquote>\n On the macro level (1W) I'm looking at two main levels $10.6 and $10.1 — Loose those levels and $8.6K is almost guaranteed imo! Between 10\/28 & 11\/11 $BTC<\/a> #Gann<\/a>. pic.twitter.com\/axQhJxRi70<\/a><\/p>\n — Joe Mitoshi \ud83e\uddd1\u200d\ud83d\ude80 (@CryptoSays) August 13, 2019<\/a><\/p><\/blockquote>\n\n