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Bitcoin (BTC) price spent nearly a month trying to breach a resistance level at $12,000. During all that time, it only managed to breach it once, briefly, earlier this week. However, this venture did not really go as planned, and speculators who foresaw the fall of this resistance as the start of a new bull run may be disappointed by the outcome.

As many likely remember, Bitcoin spent the majority of summer rather stable, which is not really its typical behavior. The coin often jumps and drops by hundreds, if not thousands of dollars per unit. Having it stable and fluctuating by only $100-$200 at a time, and behaving like that for months, led many to believe that something big is coming.

Speculators were correct, as traders soon learned, and in late July, BTC skyrocketed from $9.5 all the way up to $11k. After a brief struggle to breach this level, Bitcoin came up on top, and it turned it into its next largest support.

The move was very beneficial for the altcoin market, as well, but it also provided BTC with a decent foothold for its future conquests. The next goal was to breach the $12k mark, and the coin quickly started working on it.

Bitcoin reached the $12k mark on August 2nd for the first time — exactly 20 days ago. Since then, it kept trying to break this resistance, going down when the level rejected its price, and going up when a new bullish wave affected it.

Around August 17th, it managed to breach this level, causing many to believe that the surge is finally ready to start, and that $20k mark is next on the list. Such thoughts inspired people to buy Bitcoin, but this scenario did not come to pass as of yet.

Instead, the BTC price got rejected once again, and it dropped down to $11,757. It, then, made another attempt at $12k only yesterday, and its price got rejected yet again. BTC currently sits at $11,586, after a 2% drop in the last 24 hours.

While Bitcoin’s price holds massive potential and promises to take the coin up to its old ATH, there are still crucial resistances for BTC to defeat along the way.

The post Bitcoin (BTC) drops after a new attempt at the $12k mark appeared first on Invezz.

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