Bitcoin (BTC) rate drops below $ 10,000, further decline is imminent

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After bitcoin (BTC) had already fallen into a downward trend yesterday, the bulls failed to keep the price above a number of important support levels. With this, bitcoin drops back to under $ 10,000.

At the time of writing, the price of bitcoin (BTC) is $ 9,858 according to CoinMarketCap after the cryptocurrency has dropped in value by 10.4% in the last 24 hours. The bitcoin dominance also dropped slightly, which now stands at 60.2% despite the red numbers at the altcoins.

Total market capitalization has fallen by more than $ 27 billion in the last 24 hours, bringing it to $ 290.9 billion. Almost the entire top 100 is currently showing red figures. The largest descender among the altcoins in the top 10 cryptocurrencies is litecoin (LTC) . With a value of $ 114.5, that is almost 7.6% in the minus.

Since June 30, bitcoin has entered a clearly downward trend channel. During the dive, the supports at $ 10,300 and $ 10,000 didn’t work.

Many analysts, such as Josh Rager, already expected a correction. A number of them claimed that the bitcoin rate could correct 30% after it established a new annual high of $ 13,868 on Coinbase. A correction of between 20% and 30% is quite normal for bitcoin. During the uptrend in 2017, when bitcoin managed to reach its all-time high of $ 20,000, the price fell several times with such figures.

According to Josh Rager, bitcoin will complete this 30% correction as soon as bitcoin arrives at the $ 9,715 price point. The coming hours will show whether the rate will indeed consolidate here.

As soon as bitcoin finds support with the $ 9,000, this is a signal that the bull trend is still strong. On the way to the $ 9,000 there is another important level of support where bitcoin may start consolidating.

This price level is $ 9,400, which bitcoin struggled with for a long time in mid-June. If this support fails, the next important support is $ 9,000, which is a very important point. Should the price find support and start rising again, the next resistance will be $ 10,000. However, this price point is still within the falling trend channel that is currently the price.

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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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