Since the bitcoin price wasn’t able to reach the $12K mark, a 10% correction didn’t come as a surprise. After the breakdown of the $12k mark, its value fell to support value of $11,600. But as the chart shows, the level of resistance reached to $11,800 mark. Such a trend generally means more downside as the buyers aren’t strong enough to force the price above this resistance level.
The bearish run seems to be moving towards a trend reversal. Though this doesn’t confirm bearish run unless new lows are reached. As recent low has been in the range of $11,200-$11,300, the market needs to stay in the green zone. If the price drops below the green zone, the next support region would be around $9,600-10,000, which is more likely to push further to a bear run.
Another scenario could be of bull run. This depends on the $11,200-11,400 support level. If this area sustains support and reaches $11800 level, more upside trend could be expected.
Next target would be $13,000, however, the main resistance after $12,000 would be $15,500-17,000. In short, if the $12k level is successful, the market would become even more bullish.
