Bitcoin (BTC) course cannot break through resistance and drops further

Bitcoin (BTC) course cannot break through resistance and drops further

bitcoin btc

Since 10 July, the bitcoin (BTC) course has been in a downward trend. As a result, bitcoin fell during the past week due to a number of important support levels. Yesterday it seemed that the bottom of this correction would have been reached, but the bulls were unable to get the price above $ 11,000.

At present, almost the entire top 100 cryptocurrencies are in the red. At the time of writing, bitcoin is one of the biggest dropers in the top 10. The price of bitcoin (BTC) $ 9,519 according to CoinMarketCap after falling in value by almost 12% in the last 24 hours.

The altcoins in the top 10 also show double-digit declines. The largest drop in the top 10 is EOS , which is nearly 13.2% in the minus with a value of $ 3.71. The largest drop after EOS happened to ethereum (ETH). The second largest cryptocurrency is 11.9% in the minus and is therefore worth $ 201.

Due to the sharp decrease in bitcoin, bitcoin dominance has fallen slightly. With a total market capitalization of $ 258.3 billion and the market capitalization of bitcoin of $ 170.7, the bitcoin dominance is 66.1%.

After bitcoin seemed to recover yesterday from the correction started on July 14, it now looks very different. The bulls did not manage to get the price above the resistance at $ 11,100 yesterday , where the 100 Moving Average (MA) was also at that time.

The price fell back by the support at $ 11,000, after which the support at $ 10,500 and $ 10,000 were broken shortly after each other. A low was formed at $ 9,230. Bitcoin therefore appears to be currently supporting at $ 9,300.

The next major resistances are currently at $ 10,000 and $ 10,500. If the price drops further than that, traders should keep an eye on the supports at $ 9,000 and $ 8,800.

About Viktor Sokolov 163 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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