Bitcoin's recent rejection at $12,000 has led to a drop below $11,500. A potential head and shoulders pattern is forming, with the neckline at $11,300. If broken, it could lead to a further decline to $10,800. However, a bounce above $11,600 could invalidate the pattern and send prices back up to $12,000. Keep an eye on this level for a potential reversal.

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Interesting observation. Bitcoin's price action around key support levels could be crucial for short-term traders. Let's see how it holds above $11,500 or breaks below $11,300. Traders should be prepared for volatility.