Bitcoin (BTC) course drops due to supports but may form a double bottom

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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.

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About Shawn Morrison 204 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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