Bitcoin is looking down after the bulls failed to defend a key level in the early Asian hours, price chart analysis suggests.

Prices on CoinDesk's Bitcoin Price Index (BPI) fell below $11,000 at 01:44 UTC today and hit an intraday low of $10,805 at 03:29 UTC. The recovery seen in the next few hours ran into offers at $11,063.80, pushing bitcoin (BTC) back to near the intraday lows. The BPI was last seen around $10,840.