Bitcoin retreats as virtual currency meets resistance near $12000 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, bitcoin

BTCUSD, -12.53%

lost more than $1,000, trading to a session low of $10,363.30 before trading at a level at $10,586.37, down 5.8%.

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 said in a research note, referring to trading levels that market technicians view as points where selling tends to be triggered.

“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 said.

Elsewhere, the persistent debate about the utility of cryptos as a currency got its latest critic when Bank of England Gov. Mark Carney said bitcoin had “pretty much failed” as a currency.

Read:Bitcoin ‘has pretty much failed’ as traditional money, says Bank of England’s Mark Carney

Ether has slipped to a one-week low, falling 6.3% to $836.63. Bitcoin cash is down 7.7% at $1,310.11, Litecoin is lower by 8% at $214.26 and Ripple’s XRP coin is trading at $1.02, down 5.9%, according to news and research firm CoinDesk.

In bitcoin futures, the Cboe Global Market’s March contract

XBTH8, -12.11%

is down 9.8% to $10,560 and the CME Group Inc.

BTCG8, -11.93%

 February contract is 10.1% lower at $10,550.

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