Bitcoin Loses More Than $600 Under 5 Minutes, Drops To $11,200
The Weekend Is Here And Bitcoin Volatility is Back in the Market.
Bitcoin has been trading around $11,842 when a sharp plunge took BTC to $11,200 in less than 5 minutes.
However, it managed to not drop to the $10,000 level.
Today, Bitcoin has been trading at as high as $11,976 but is currently trading at $11,330 with 24 hours loss of 3.48% on Bitstamp.
In the past 24 hours, the trading volume managed by Bitcoin is still low at $853 million, which could be attributed to the weekend.
Analysts and traders have been expecting a drop to $11,000 and Bitcoin did just that.
what would crypto be without weekend shenanigans like this pic.twitter.com/g4ijsU8qQY
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) August 10, 2019
“Going out. Lower highs. Primary concern is we closed above mid range level at 11.8k. Still held down by trend line at the moment. No closes through it. Hoping to see reversetetris.exe,” analyzed trader CryptoISO.
Stopped out at a ~2.8% loss.
No position for now pic.twitter.com/HjLbN8OmO3
— Squeeze (@cryptoSqueeze) August 10, 2019
This, however, has brought back the call for $8,000.
Importance of 11.8k.
Importance of mid range.
Importance of original (unaltered) trend line.
Importance of prior highs.
I think this could eventually push to the daily s/r 10.7-8k. pic.twitter.com/dkF3XozMkE
— CryptoISO (@crypto_iso) August 10, 2019
As Bitcoin takes a hit, top 15 altcoins go red by as much as 4.45%.
This has the total market cap fall below $300 billion level, at $294 billion.
BTC dominance meanwhile, is still going strong, currently at 70.87% as per TradingView.