Bitcoin (BTC) rate drops more than $ 2,000 in rapid movement

Bitcoin (BTC) rate drops more than $ 2,000 in rapid movement

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Bitcoin (BTC) has lost a lot of value since yesterday at the end of the afternoon. After tapping the $ 13,200, the rate plummeted thousands of dollars within 12 hours. At the moment BTC seems to find support.

At the time of writing, the price of bitcoin (BTC) is $ 11,565 according to CoinMarketCap. The recent price movements are in stark contrast to yesterday , when bitcoin was still a big plus. However, now bitcoin is 10.4% in the minus. Bitcoin pulls the altcoins with the strong correction.

The largest fall among the altcoins in the top 10 is EOS with a drop of more than 20% in the last 24 hours. Because almost the entire top 20 currently also turns red, the bitcoin dominance remains approximately the same as yesterday. The total market capitalization is currently $ 315.7 billion, and bitcoins market capitalization is $ 206.4 billion. This brings the bitcoin dominance to 65.4%.

Bitcoin rose to $ 13,000 in a strong move last night. During the day, the bulls had trouble convincingly breaking the $ 13,100.

The Relative Strength Index (RSI) on the hourly graph also indicated that the momentum seemed to disappear. While the bitcoin course itself managed to peak three times in succession, the RSI formed these peaks lower. This divergence already suggested that bullish momentum was weakening.

As a result, the course started yesterday at around 4:00 PM on a huge dive. The $ 13.00, $ 12,800 and $ 12,500 were easily broken. Eventually the $ 11,500 seemed to offer support, but this was temporary.

The price also fell through this support, after which a low was formed at $ 11,169 on the cryptocurrency exchange Coinbase. All in all, bitcoin lost more than $ 2,000 in value during this correction. However, from the low, bitcoin seems to rise above $ 11,500. The coming hours will show whether this will actually succeed.

For now, the $ 11,500 can still be seen as resistance , with the $ 12,000 above it. The closest support is currently at $ 11,000 with $ 10,800 below.

About Shawn Morrison 247 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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