Bitcoin [BTC] Bows To Selling Pressure, Slumps By 11% In 24 Hours


Bitcoin price
Source: Coin360.com

Bitcoin [BTC] Bows To Selling Pressure, Slumps By 11% In 24 Hours

Bitcoin (BTC) was able to recover a couple of hundreds back from the previous low of $9,843 and returned towards $10,215 by the time of writing this analysis. Although, the upward movement remains slow and we still need to see a follow through to get a chance for extended upside momentum. At the time of writing, BTC/USD is changing hands at $10,215 down 11% in the last 24 hours and remained steady since the beginning of Monday.

The Technical Side

On the one day charts, Bitcoin was seen bowing to the selling pressure coming in the early hours of Monday. However, the Relative Strength Index (RSI) rebounded upward on a 1-hour time frame, which may be seen as a sign on the corresponding inbound recovery. The first resistance was met by SMA50 (Simple Moving Average) on 15-mun chart currently at $10,395. It is followed by the midline of the 1-hour Bollinger Band and the upper line of 15-min Bollinger Band at $10,500.

Once this resistance is overcome, the upward trend is likely to gain some energy with the next focus on psychological $11,000 (a confluence of SMA50 and the upper line of Bollinger Band on 1-hour timeframe). 

Alternatively, a resistor move below the $10,000 mark will bring SMA daily at $9,900 level in sight. This area is likely to show strong support, though, once it is broke, the sell-off will continue towards July 2 low at $9,657.

Bitcoin chart
Source: TradingView

Altcoins

Altcoins haven’t quite found a reversal route following their persistent bear markets. It appears as though their unlucky season continues to wax stronger as most major acts like Ethereum (ETH) and Ripple (XRP) are still swimming in a pool of blood.

Price chart
Source: Coinmarketcap

Ethereum (ETH) Falling Drastically

Over the past 24 hours, Ethereum has also met with a strong resistance which kept persistently below the $230 level, representing a significant loss of 17.2% in price. Ethereum shows no inbound upward trend and may likely fall below the $210 level before the bell time. At the time of writing, Ethereum is trading at $221.66.

Ripple (XRP) Down Almost 7% In 24 Hours

Ripple also got hit hard. Price fell by 6.49% within the last 24 hours and now trading $0.301 per unit. Major resistance exists at the $0.300 mark and if broken (as the case most likely is), ripple will set course for the $0.295 psychological level and may plan a rebound from there.

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Bitcoin (BTC) Bows To Selling Pressure, Slumps By 11% In 24 Hours
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Bitcoin (BTC) Bows To Selling Pressure, Slumps By 11% In 24 Hours
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The crypto market surrenders to the bear markets within the last 24 hours.
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Coingape
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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Dare Shonubi 121 Articles

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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