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%.

Bitcoin fills out the first CME futures gap, Source: TradingView

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.

$8,400 Coming?

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.

BTC Dominance Drops Below 70%

As Bitcoin falls, altcoins have also turned red.

Top cryptocurrencies are down by 1 to 3 percent, with Monero leading the losses which are down by 6.59% and Cardano, in the red by 4.40%.

Source: Coin360

Total market cap has fallen to $285 billion while BTC dominance is currently sitting at 69.17%, down from 71.50% recorded on August 10 as per TradingView.

Bitcoin (BTC) Live Price

1 BTC/USD =$55,916.7694 change ~ -3.05%

Coin Market Cap

$1.05 Trillion

24 Hour Volume

$28.24 Billion

24 Hour VWAP

$56.38 K

24 Hour Change


Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide