After bitcoin (BTC) fell sharply on 26 June, the course initially seemed to be recovering. On Sunday, however, the price fell again considerably, bringing it back below the 100- and 200- hourly moving average (MA) .
At the time of writing, the price of bitcoin (BTC) is worth $ 10,938 according to CoinMarketCap. This means that BTC has fallen in value by more than 7.4% in the last 24 hours. The rest of the cryptomarket also shows dark red figures, with EOS as the largest fall (-6.1%).
Total market capitalization has decreased by $ 20 billion in the last 24 hours and is now at $ 316.9 billion. If we hold this against the market capitalization of bitcoin of $ 194.5 billion, we will see a slight decrease in bitcoin dominance. This is namely now at 61.4%.
Bitcoin recovered somewhat in the last few days and traded above support for most of the last two days at $ 11,500. However, yesterday morning the rate started to fall again.
It broke both the 100-MA and $ 11,500, where bitcoin initially seemed to find support. However, the price eventually fell in a rapid move through the $ 11,500. The next stop was $ 11,000, where support also seemed to be found first.
Bitcoin rose again to $ 11,200, but this increase proved unsustainable. Eventually the rate fell even further and support was found at around $ 10,600.
There is a chance that the BTC rate forms a so-called double bottom on the hourly graph. This formation signals a possible trend reversal in the short term. For this, however, the rate must find support in the $ 10,300 and $ 10,500 price zones.
For the short term, bitcoin is currently a clear downward trend line. The next resistance is around $ 11,000. Support can possibly be found at $ 10,500. Bitcoin should stay above $ 10,000 for the longer term to keep bullish momentum intact.