Bitcoin dropped below $12,000 this morning, and has been struggling to surpass this price level. ‘Material Resistance’The $12,000 level is providing “material resistance for Bitcoin,” said Jesse Proudman, CEO of crypto hedge fund Strix Leviathan. “It’s safe to say that the $12,000 price point (and most round numbers above $10,000) act as a psychological barrier for the Bitcoin price action,” she said. He noted that while bitcoin fell close to $11,500 today, bulls placed upward pressure on the digital asset, driving it toward $12,000. “Bitcoin’s continuation past $12,000 wouldn’t be much of a surprise.”Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

Source: Forbes August 10, 2020 23:37 UTC