Bitcoin Price Sees Steep Drop After Rejection Above $12K

The price of bitcoin's recent rise above $12,000 was stopped short a few hours into its rally, with prices sliding by more than $1,000 over the course of the U.S. trading session that followed.

Beginning 10:15 UTC and lasting until 22:15 UTC, BTC witnessed a large pullback, followed by a small bounce near $11,200, providing temporary support. Still, bitcoin's local daily high near $12,325 was the highest price point since July 10.

With a daily open on August 6 set at $11,800, BTC broke $12,000 at 06:45 UTC to cement a 24-hour high just under $12,300 at 10:15 UTC. From there, a 30-minute sell-off was induced, with its price falling to $11,671.

At the time of writing, BTC is currently changing hands at $11,471

The move down, however, failed to draw significant supporting volume with only 1.1 billion traded over a 24-hour period. This hints a deeper drawdown to levels near $11,200 could be possible.

Major names such as ether (ETH), litecoin

, XRP and EOS also began to fall in value at around the same time as BTC, losing between 2-6 percent over 12 hours.

Disclosure: This author holds bitcoin at the time of writing.

Line Image via CoinDesk