Bitcoin Loses Traction, Falls Below $11,000 For Worst Performance in Past Weeks

Bitcoin and other digital currencies lost some its momentum on Wednesday as overall market sentiment cooled down, bringing bitcoin price down below $11,000.

After exchanging at rates over $11,700 on Tuesday night, the price of the popular digital asset fell by nearly $1,000 and is, at the moment, trading at $10,480.81 for a loss of 6.66%, according to Coindesk’s BPI.

After almost doubling in price since the $5,947.40 low that it reached back on February 6, traders have begun dumping some of their holdings, market experts related.

“This rebound took a lot of pressure off of BTC owners, but we will start running into overhead resistance,” Jani Ziedins of Cracked.Market was quoted as saying in a research note that was published on the website, MarketWatch.

He was talking about trading levels that market technicians see as points where selling tends to be prompted.

“Many premature dip-buyers jumped in between $12k and $15k and we should expect many of those regretful owners to sell when they can get their money back. Their selling will slow the assent over the near-term,” he explained.

Other digital assets did not have that good of a day either as the top cryptocurrencies are all trading in the red as of press time.

Ether slipped to a one-week low, falling 5.88% to $852.84. Bitcoin cash was down 9.39% at $1,314.87; Litecoin dropped by 9.71% at $215.99; and Ripple’s XRP coin was trading at $1.02, down 6.80%, according to market resource, CoinMarketCap.