Bullish momentum is over, bitcoin (BTC) rate fails to go above $ 12,000

Number of unique daily bitcoin (BTC) wallet addresses reaches 1 million

The bulls failed to get bitcoin (BTC) above $ 12,000. After BTC continued to trade just below this price level for almost the entire day, the price now again corrects strongly.

At the time of writing, the price of bitcoin (BTC) is $ 10,976 according to CoinMarketCap. This means that the price has fallen by 6.5% in the last 24 hours. Bitcoin is not the only one that currently shows red figures, the entire top 10 cryptocurrencies based on market capitalization sees red.

As a result, total market capitalization has fallen by $ 20 billion in the last 24 hours. This brings the bitcoin dominance to 62.1%, a decrease compared to yesterday .

After bitcoin yesterday managed to rise above $ 11,500 and even tested the resistance at $ 12,000, this bullish momentum now seems to be a bit over. Yesterday, the rate consolidated above $ 11,500 after failing to retest $ 12,000.

Yesterday around noon the support was tested at $ 11,500, after which it was close to the $ 12,000. Around midnight, the course continued to collapse.

Bitcoin lost around $ 500 in value in a short time. For a moment it found support at the support at $ 11,100, which also contained the 100-hourly moving average (MA) line. However, these supports also failed.

After another quick dive, bitcoin fell to a low of $ 10,762. The relative strength index (RSI) now signals oversold conditions on the hourly graph. It is therefore possible that the rate will consolidate in the short term or perhaps revive. However, the next major support is at $ 10,500. A deeper dive to this support is therefore also a possibility.

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About Shawn Morrison 203 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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