After stock markets close red, Bitcoin’s price dropsEndy Callahan
Having traded in the range $6,450 till $6,850 during the preceding eight days, the leading tokenBTC’s price lastly made a greater movement, and this time toward the downside, since the virtual coin’s price plummeted to 8.72%, which is a daily low at indicator $6,068.
To note, this move to some extent reflects the traditional markets’ current performance, which likewise ended the day with some losses. The Dow indicator closed with a loss of 915 points, and the S&P 500 dropped 3.37%, and finally, the Nasdaq pulled down at 3.79%.
Therefore, the break under the mark of $6,550 drew the rate below the ascending trend curve with the $6,450 backing. Sellers had long anticipated that such a sharp move was looking likely once the pricing had moved sideways on decreasing volume for some remaining days of the week, also not able to push higher than the $6,850 mark and turn the resistance to support side.
At the writing time, the token’s value is placed atop the daily timeframe -12-MA, so the sellers are struggling to bring back the support at $6,200. However, if this attempt fails, at that point a $5,800 then $5,350 retest is very likely.
During a short period, for BTC price it is necessary to initially retake the mark $6,200, and then to grow above the increased volume node of VPVR at the indicator $6,335 with the intention of re-reaching the range of $6,500.
The possibility to reach $10k now is zero for Bitcoin
The price of BTC is reaching a crucial instant, and then if the bulls fail to take back the level $6,800, the 200-week varying average is staying lower than the indicator at approximately $5,500 on a large volume node. It earlier was front run in the last effort to approach $6,800. If the bulls regain their confidence once more, then slanting support will be positioned at $6,250.
The other major tokens dropped as well
Similar to BTC, several altcoins have successively held on to the double digits increase for the period of a relief rally that happened earlier this month.
To note, Altcoin value also fell as BTC’s price corrected. The value of Ether (ETH) coin dropped to 7.07%; correspondingly, Bitcoin Cash (BCH) token dropped 9.33%, as well as Tezos (XTZ) decreased the rate at 11.08%.
The overall digital assets market cap is currently standing at the indicator $172.9 billion, and the Bitcoin token’s dominance rate is now at 65.1%.
Finally, to mention the analyst and Blokkroots founder Josh Ranger, he is certain that it is still too early to discuss the price recovery of the leading cryptocurrency to long-standing growth. For the beginning, its value should be stable above $6,400 range, the financier stressed. He clarified that this is a key level that has previously been used as support two times in the history of the major digital coin.
In the meantime, traders and enthusiasts need to track the transaction volume as the U.S. exchange session for traditional markets that originated last Friday and digital asset sellers log in their accounts.
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