Yesterday at the beginning of the evening, the bitcoin (BTC) course eventually fell due to the rising trend line. In a short time, bitcoin fell back hard but found support at around $ 10,300. From that point the course recovered again with an important hurdle ahead.
At the time of writing, the price of bitcoin (BTC) is $ 11,391 according to CoinMarketCap after having fallen by 7.5% in the last 24 hours. Like yesterday, Bitcoin is not the only one with dark red numbers. The entire top 10 cryptocurrencies turns red, with bitcoin cash (BCH) as the largest daler that fell in value by almost 11%.
Due to the declines, total market capitalization has dropped by nearly $ 30 billion to $ 326.5 billion. Bitcoin’s capitalization drops back to $ 203.8 billion, further increasing bitcoin dominance to 62.4%.
After bitcoin managed to establish a new yearly high on $ 26,852 on cryptocurrency exchange Coinbase on June 26, the price has fallen into a downward trend. In the days after reaching this peak, the course formed a falling triangle pattern, a bearish signal.
Bitcoin arrived yesterday at the end of the afternoon at the point of this pattern where the rising trend line was also located. It found support on that trend line in the hours before, but eventually this support also gave up.
After the outbreak, the rate dropped considerably and even fell through the 100- moving average (MA) line. Eventually the rate found support at around $ 10,300. As a result, Bitcoin fell by more than $ 3,500 in value within 24 hours. However, after reaching that support, BTC started a small recovery again.
Unfortunately , the bulls were unable to push the price above the resistance back to $ 11,500. The first time the price tested this price level, it broke off. At the time of writing, the rate tests the resistance again.
If the price exceeds the resistance, the following resistances are around $ 12,000, $ 12,500 and around $ 12,600 where the 100-MA is now located.
If the bulls fail, the next major supports will be around $ 10,500, $ 10,200 and $ 10,000. It is now time for the bulls to get the price above that $ 11,500 to achieve further increases.