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Bitcoin and the aggregated crypto market are currently caught within the throes of a volatile trading session, with BTC plunging below its key $12,000 support level.

The break below this crucial support caused it to plunge as low as $11,600, with bulls stepping up and guarding against a decline beneath this level.

Analysts are now widely noting that this recent price action has struck a significant blow to the cryptocurrency’s near-term outlook.

One indicator of this newly established weakness is a bearish divergence on Bitcoin’s Renko chart. The last time a similar pattern flashed, the crypto’s price plunged by $1,300.

If history rhymes, this could mean that the overnight decline simply marks the first the early stages of a larger and farther-reaching correction.

One trader is even noting that it is now “bounce or die” for BTC – with a failure for it to surge here potentially leading to a swift movement down towards $10,000.

At the time of writing, Bitcoin is trading down roughly 1% at its current price of $11,850.

The crypto slid as low as $11,600 overnight before it was able to find some notable support.

From this point forward, it has been trading between $11,800 and $11,900, which happens to be the same trading range that it was caught within before the $12,000 breakout seen just a couple of days ago.

Unless it recaptures $12,000 in the near-term, bears could have the upper hand over bears, and BTC may soon reel significantly lower.

One analyst spoke about this possibility in a recent tweet, even going so far as to note that it is now “bounce or die” for the crypto.

He also noted that a failure for it to surmount $12,000 could lead it to decline to as low as $10,000 – marking a nearly $2,000 decline from its current price level.

“Bounce or die trying. Failure to continuously close above red dotted line (scam wick support) we are retesting 10k.”

Another analyst explained in a recent tweet that he believes a major drop could be imminent for Bitcoin in the near-term.

To justify this, he points to a bearish divergence on the crypto’s Renko chart, noting that a $1,300+ pullback historically follows this pattern.

“I’ll leave you with this present to take a break from opening his. The last time BTC created a divergence like this, we saw a 13% pullback (Around $1300) – history repeated?”

How the crypto trends in the coming few days should offer insight into whether or not this bearish possibility will come to fruition.

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