Top Crypto Bitcoin (BTC) Drops Down to $10,555 While Altcoins Fall Even Harder
- Bitcoin in the red by over 5 percent while altcoins down in the range of 3 to 12 percent
- We could very well go to low $9ks, eyes still on 8.5k region gap on the chart
- Bitcoin price has dropped another 5 percent.
The reds continue to inhabit the cryptocurrency market as Bitcoin takes a drop to $10,555 level. Currently, we are trading at $10,740 while managing the daily trading volume of $2 billion, as per Messari’s real volume registered on 10 exchanges.
Though Tether “accidentally” printed 5 billion USDT instead of 50 million USDT was able to pump BTC price about 5 percent, soon we started dropping down.
— Alex Krüger (@krugermacro) July 13, 2019
According to the crypto analyst, The Cryptomist who has been expecting the current support at $10,694 to be tested says, if we fail this level, $10,300 and $9,800 are the next regional supports.
“I have still got my eye on the 8.5k region gap on the chart, if we don't hold 10k, do not be surprised if we fill it.”
Invalidated if we move above $11.8k pic.twitter.com/wGkmvg4LKL
— Nik Patel (@cointradernik) July 14, 2019
Trader Nick Patel says if get a 4h close below $10.8k then he is “confident” we would be going to $9,000.
Trader and investor Josh Rager shares similar sentiments as he says BTC/USD is trying to stay above $10,900s.
According to him, any break and close below $10,577 level would signal a change in the short term trend. At that point, he would be looking at low $9ks as the next target on the daily.
Having said that, Rager says this would only be a pullback and it’s still a bull market.
Meanwhile, Altcoins Keep on Falling
While BTC takes a drop of about 4 percent, altcoins fall much harder.
This has the total market cap going below $300 at $292 billion. On July 10 when BTC went to $9,600 was the last time when the market cap fell below this mark to $288 billion.
Bitcoin, in the meantime, is managing its dominance at 65.4 percent, reaching April 2017 level, as per Coinmarketcap data.