Taking a Break? Crypto Market Cap Lost $7B In Hours, as Bitcoin Rejected At $12,000

Taking a Break? Crypto Market Cap Lost $7B In Hours, as Bitcoin Rejected At $12,000

Gate Trade News Wednesday, September 2, 2020 54 1

The past 24 hours have been rather impressive for the cryptocurrency field, with the entire market cap gaining over $13 billion from yesterday’s bottom at $374 billion to about $387 billion as of writing these lines. It even reached $394 billion a few hours back as Bitcoin spiked towards $12,000.

 

The primary cryptocurrency marked an intraday high of about $12,060 (on Bitstamp). However, it failed to sustain its run and, after a few hours, retraced to its current price of about $11,810.

 

As it happened several times this year, the resistance and psychological level of $12,000 turned out to be a bigger bite than Bitcoin can chew. However, if BTC finally conquers it, the asset could face the next resistance lines at its YTD-high of about $12,450 before potentially heading towards $12,800.

 

On the other hand, if Bitcoin drops, it can find support at $11,650, $11,450, and $11,000.