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Will Bitcoin Price Reach $11K Again Before Rallying Above $12K

Highlights

    Bitcoin experienced a drastic dump in the early hours losing a big margin

    Okex exchange suspended all cryptocurrency withdrawals for an indefinite period.

Why is Bitcoin Dumping?

The Bitcoin price has maintained more or less stagnant behaviour after the recent push has now dumped yet again. The bitcoin price visited below $11300 levels and also expected to plunge before rallying above the $12000 levels.

BTC chart

However, the resistance levels stand strong at $11,650 which may indicate a decent jump in the coming hours. But the matter of concern is the support levels which are formed around $11,250. Therefore, sustaining above the levels without breaking down the current support levels is the need of the hour.

By what might be the reason for a sudden dump?

OKEX Exchange Stopped Crypto Withdrawals Indefinitely

One of the popular exchanges in Hong Kong, Okex published a notice mentioning the suspension of all cryptocurrency withdrawals for an indefinite period. The reason mentioned in the notice is that one of the exchange’s key holders is currently co-operating with a public security bureau in investigations. 

In fact, the keyholder is currently out of reach with the exchange and hence the withdrawals have been suspended. However, the other activities on the exchange remain unchanged. Okex exchange also assured that the withdrawals would be resumed as the key holder is available to authorize the transaction.

As the rounds of the exchange made rounds in the market, Bitcoin price suddenly dipped by 3 percent touching $11,182 in the early hours of Friday. However, a slight recovery also has been witnessed with the price trending above $11,300 levels. Currently, Bitcoin is priced at $11,322 with a loss of 0.46 percent.

In a recent update, the CEO of OKEx exchange Mingxing Xu, also known as Star Xu, is reportedly questioned by the authorities. As this piece of news was outspread in the market, the bitcoin prices again plunged below $11300. The selling pressure seems to be mounted currently with the price struggling to maintain above $11300 levels.

Bitcoin again has proved that it still stands strong like a rock above $11000 level amid any negativity. The recent plunge could have pulled back the bitcoin price below $11000 levels, but Bitcoin refused to do so. Therefore, a clear path of Bitcoin rally towards the new highs is more visible from now.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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