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 =$47,537.1174 change ~ 0.47%

Coin Market Cap

$885.18 Billion

24 Hour Volume

$24.14 Billion

24 Hour VWAP

$46.6 K

24 Hour Change

$225.33

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