Bitcoin Price Prints Massive Red Candle After Failing to Break Above Key Resistance Level

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  Alex Dovbnya

  Fri, 10/11/2019 - 06:06

  📰 News

  Bitcoin price witnesses a sharp drop after the $8,800 resistance level was brutally rejected

The Bitcoin price recently attempted to break above its key resistance level at $8,800 but miserably failed to do so. The top coin by market cap has shed $300 of its value in mere minutes.

At press time, BTC is changing hands at $8,453, dipping by 1.33 percent over the last 24 hours.          
 

Prior to that, cryptocurrency trader Josh Rager pointed out that $8,800 would be "an important area" for Bitcoin to close above.

$BTC Update -- battling right resistance, $8800 will be an important area to break and close above pic.twitter.com/CqeHJxUR4Z

— Josh Rager 📈 (@Josh_Rager) October 11, 2019

However, it now seems like it's out of reach for the bulls (at least in the short-term). 

$BTC: crypto community in disbelief right now pic.twitter.com/gYlwhXBz9U

— Josh Rager 📈 (@Josh_Rager) October 11, 2019

The Exorcism of Emily Rose pic.twitter.com/WhuyPZx0fs

— Cezary Graf (@CryptoPoland) October 11, 2019