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Bitcoin Suffers Enormous Drop After Breaking $12,000 - (TA - August 3rd)

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The Bitcoin (BTC) price created a massive bearish engulfing candlestick on August 2, possibly indicating that the upward move has ended and a corrective period awaits.

The long-term movement, however, still looks healthy.

Bitcoin Fails to Close Above Long-Term Resistance
During the week of July 27-August 3, the Bitcoin price increased considerably, going from a low of $9,917 to a high of $12,123. However, the higher prices could not be sustained, and BTC dropped in order to reach a close of $11,071, roughly $1,000 below the weekly highs.

It is important to note that the price failed to close above the $11,500 area. This is a long-term resistance level, above which the price also failed to close above in July 2019, when it briefly reached a yearly high.



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