The $12700 level is very important to watch as this was the previous low prior to the rally that ultimately ended near $20k. Price briefly breached this level earlier today before rebounding. Was that a false break reversal or a break in market structure? If Bitcoin now goes on to take out the next key resistance zone between $15000 and $15800 then it would confirm that this was a false break and thus a bullish reversal signal. However, if there is acceptance below the $12700 then we could see further losses in the days to come.