CryptoWatch: Bitcoin retreats as virtual currency meets resistance near $12,000 level

Digital currencies lost ground Wednesday as overall market sentiment waned, pushing the price of bitcoin back under $11,000.

After trading above $11,700 late Tuesday evening, the price of the No. 1 digital currency by market cap, bitcoin BTCUSD, +2.95% lost more than $1,500, trading to a session low of $10,244.32 before trading at $10,324.41 on Wednesday afternoon, down 8.1%.

After nearly doubling in price since the Feb. 6 low of $5,947.40, traders have begun dumping some of their holdings, market participants said.

“This rebound took a lot of pressure off of BTC owners, but we will start running into overhead resistance,” Jani Ziedins of Cracked.Market said in a research note, referring to trading levels that market technicians view as points where selling tends to be triggered.

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