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.