Is the Bitcoin Bull Market in Jeopardy After Failure to Break $12,000?

The daily chart shows a crucial support level in the green box.

As long as that level sustains support, further momentum is likely to expect.

Once the price of Bitcoin loses the support level at $11,100-$11,300, expectations are that the price makes a significant drop towards the $10,000 area.

What are the short term levels to watch for Bitcoin?

Lower highs frequently indicate further downwards momentum, through which breaking those resistance levels are crucial if the price of Bitcoin wants to continue moving towards $15,000.

First of all, a rejection at the $11,700 level is likely to be expected, after which a test of $11,400 should provide support.

Most likely $15,000 as the area between $11,800-$12,000 is the last massive resistance level before the bull market really heats up.

The bearish scenario is surrounded by the same crucial levels, as a rejection at $11,700 could lead to a substantial drop.

In the bearish scenario, the $11,400 level doesn't provide support.

Through such a drop, the $11,200 level could be tested another time, and the more often a level gets tested, the weaker it becomes.