Press "Enter" to skip to content

After soaring high for a while, Bitcoin {BTC} shrinks as bearish momentum catches up with the king coin

The Bitcoin dominance rate sunk to reach 69.6% in a span of two days. The trading volume recorded is $15.110 billion, whereas the supply has 17,928,550 BTC coins involved in circulation. At present, the total market cap of Bitcoin is $180.810 billion. The price of BTC is at $10,085 for now after the king coin dipped at a rate of 2.19% in the course of the past 24-hours.

According to the data obtained from the candlestick chart associated with the BTC/USD pair on tradingview, we can see that the king coin in being influenced by bearish force. The RSI [for 14 periods] is at 36.84. The Awesome Oscillator peaks have remained south of the zero line since the 7th of September. BTC was oversold for a short duration on the 6th this same month.

As you can see, a drop to $8k isn’t completely out of the picture. Although BTC hasn’t declined so far in the last few months, so many analysts believe that it is an unlikely scenario. Well, better safe than sorry right? If the price falls, you’ll have a better opportunity of scooping up more from exchanges or sites like localbitcoins.com.

Resistance may play a role at $10,552.9 in the near future. Key support can be found close to the $9562.6 mark. The MACD line has lingered south of the signal line from 5th September onwards. All these indicators suggest that a sharp drop may occur within the next couple of weeks.

Although this has been a controversial subject for many, Binance Lending has been branching out.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.