Bitcoin prices slumped nearly 4 percent on August 19, a day after the world’s largest cryptocurrency beached the $12,000-mark to reach its highest levels in more than 13 months.
Bitcoin was down 3.74 percent to $11,786.81 at the time of writing this copy. It touched an intraday high of $12,312.45 and an intraday low of $11,629.01.
Experts believe that Bitcoin needs to hold the psychological $12,000-mark to confirm its upward momentum.
“Bitcoin needs to stay above $12k and consolidate in a manner where it tests the level for support a few times before we can conclude if the breakout is reliable,” Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital told Forbes.
“For now, the fact that the price has found decent support around $11k and has broken through $12k with good volumes bodes well for the market.”
The cryptocurrency has soared over 70 percent this year and has become one of the strongest performing assets.
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