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cryptocurrency downward momentum and Bitcoin under 1500 levels

2019-08-14 10:00 am | Resource: New | No Views : 8

cryptocurrency downward momentum and Bitcoin under  1500 levels Bitcoin has once again sent fears as the bullish trend of the most prevalent cryptocurrency below the $ 11,000 mark is disrupted. Bitcoin has been trading weak over the past two days.

Bitcoin fell below the support level of $ 11,500, and fell by more than $ 900 on Wednesday, more importantly, that $ 12,000 proved to be a strong level of resistance, as Bitcoin faced downside with every attempt to break decisively above this price level.

Bearish momentum

Bitcoin is gaining bearish momentum below $ 11,000 against the US dollar. Bitcoin has tested support at $ 10500 and may continue to weaken. Now, analysts note that the decline may continue until Bitcoin bridges the current CME futures gap in a low zone at $ 8,000 levels which could mean that trapped investors will face another 30% decline before the encryption reverses its downtrend.

Over the past 24 hours, Bitcoin has gradually fallen from $ 11,300 to $ 10,629.24.
Breaking the recent series of rises also led to a decline in market capital dominance for Bitcoin to 67.7%.
Bitcoin trading volumes were about $ 18 billion.
Bitcoin transactions remain at a relatively high level, above a total of 850,000 transactions.

Now, analysts are recording that the cryptocurrency is likely to fall in the near future. It is very clear that today's decline is an extension of the bearish momentum that BTC suffered for the first time when it fell from its weekly highs above more than $ 12,000.

Cryptocurrency trades
 
  • Bitcoin traded above $ 10,480 after exceeding $ 12,000 levels.
  • Ethereum fell at $ 208.00, down 0.22% on the day.
  • The ripple was trading at $ 0.2994 at a loss of 0.32%.

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