Bitcoin price breakout possible despite OKEx scandal

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Earlier this week, Bitcoin (BTC) price hit a bullish breakout to $ 11,725 ​​after Square bought $ 4,709 BTC the previous week. Since then, however, the price has fallen back into a sideways range.

Multiple rejections close to $ 11,500 and recent news that OKEx has stopped all withdrawals as its CEO “collaborates” with an investigation conducted by the Chinese authorities also weighs on investor sentiment and Bitcoin price.

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Snapshot of daily market performance in cryptocurrency. Source: Coin360

The wave of negative news has put the majority of altcoin prices back in the red and wiped out Bitcoin’s newly ascertained upward momentum.

The daily timeframe signals that the $ 11,200 loss could open the door to a retest of $ 11,100, a level that lies within a VPVR gap and would likely give way to a further drop to $ 10,900.

According to Cointelegraph Micheal van de Poppe there are:

“Significant support at $ 11,000 is now a must to resume upward momentum. This could create difficulties reaching current levels as renewed coronavirus lockdowns scare investors.”

Van de Poppe suggests that if Bitcoin loses support at $ 11,000, there is a chance the price could drop below $ 10,000 to the 200 MA at $ 9,750, which is close to a CME gap.