Bitcoin Price Needs Quick Progress to Avert Further Losses

Bitcoin needs a quick break above $12,500 or the tide may turn in favor of the bears, the charts suggest.

Man y Nigerian BTC HODLERS and investors are seemingly worried and have created mems of the fall in price of bitcoin.

The "V" shaped recovery in bitcoin (BTC) from Wednesday's low has stalled below the $12,000 mark in the last 12 hours. Prices on CoinDesk's Bitcoin Price Index (BPI) did rise to $12,045.09 at 15:14 UTC yesterday, before retreating to sub-$11,500 levels by 22:00 UTC.

The slide from the high of $12,045 was extended further to $10,988.79 in Asian hours today. However, bitcoin soon regained poise and rose to an intraday high of $11,808.49 (at 08:44 UTC).

As of writing, bitcoin is trading at $11,660. The world's largest cryptocurrency by market capitalization has appreciated by 3.17 percent in the last 24 hours, according to data source OnChainFX. BTC is also up 27 percent from the week's low of $9,199.59 (as per the BPI).

However, the price chart analysis says the immediate outlook is neutral and only two consecutive daily closes (as per UTC) above $12,500 would improve odds of BTC rallying sharply in line with the historical pattern.