Bitcoin Drops to $10,740 Level But the Downtrend has Just Begun
- Bitcoin down over 5%, but this is not the end of the downtrend
- $8,400 coming as analyst says gaps will be filled
- Monero and Cardano lead the top crypto losses, BTC dominance fall below 70%
The leading cryptocurrency started its day around $11,400 but went onto a downtrend soon after.
Since opening the day in red, Bitcoin has been on a rampage that has the price falling to as low as $10,738 on Bitstamp.
At the time of writing, the flagship cryptocurrency has been trading at $10,830 with 24 hours loss of 5.19%.
As price started to drop, Bitcoin trading volume, though still low at $857.4 million, started rising as well from $480 million, as per Messari.
As we reported, popular analyst Murad Mahmudov called out for $10,800 which he said, 200MA/EMA/RSIbands+Weekly support all have been pointing towards.
In June, Bitcoin went from around $7,500 to roughly $13,900 in over a fortnight. Having such a quick and sharp move though took BTC to a new 2019 high, left “gaps” in the price charts of CME group’s Bitcoin futures contracts.
These gaps have been a point of concern for a long time that often gets filled in an asset's life, making for a correction.
This is why, analyst The Cryptomist has long been calling out for a bigger drop to $8k and this time as well, she points out, in no uncertain terms, that the remaining two gaps at $11,800 and $8,400 would be filled too.
1089 gap almost filled
2 more gaps need to be filled
Do not be mistaken, both will be filled. pic.twitter.com/ZtqtZ4WR9C
— The Cryptomist (@TheCryptomist) August 13, 2019
BTC Dominance Drops Below 70%
As Bitcoin falls, altcoins have also turned red.