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The Bitcoin price (BTC/USD) has dropped by some $600 on Wednesday, as a recent failed attempt to recapture the $11,000 level has put bears back in charge.

Having topped the $10,900 mark on Monday, the original cryptocurrency hit a one-week high of $10,947.04 shortly after the start of the Tuesday session. However, the coin didn’t have the necessary momentum to break above the $11,000 barrier and eventually pulled back toward the $10,500 level. Still, BTC managed to limit its losses and even had a modest rebound in the afternoon. After falling to an intraday low of $10,618.96, the coin rallied to finish the session at $10,763.23. It had opened the session at $10,916.35, according to data from digital currency tracker Coinmarketcap.

While Bitcoin was able to limit its losses, the rejection at $11,000 that it suffered yesterday appears to have strengthened the bearish sentiment that has been hindering the coin in recent sessions. As a result, the digital coin suffered a sharp drop earlier today, with its price plunging towards the $10,000 mark. At the time of writing, the Bitcoin price was hovering around the $10,150 level.

In its latest technical analysis, industry website Coindesk warned that today’s downswing could be followed by a drop below $10,000 within the next 24 hours. The online publication noted that the recent recovery from last week’s lows hadn’t been supported by high trading volume and had taken the shape of a bearish reversal pattern.

“A high-volume move above $11,000 would invalidate the bearish case and allow a rise to $11,500. A weekly close (Sunday, UTC) above $12,000 is needed for a full bullish revival,” the website said.

In today’ trading, the Bitcoin price stood at $10,154.42, as of 12:14 BST. The digital currency has lost 5% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at $181.6 billion, which represents 68.9% of the combined value of all digital currencies.

Featured image: Igor Batrakov / Shutterstock.com

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