- Bitcoin’s price breaks $10k support following the latest bloodbath in the crypto market; the sellers may continue to release more pressure in the market.
- Due to the sudden shock-wave in the market, BTC dominance has dropped to 64.9% as the entire crypto market now holds a market cap of $267.5 billion.
- BTC bears are targeting the $9100, which appeared to be another vital level for the market.
The bears have again launched a big move in the market, causing Bitcoin’s price to drop massively below the $10,000. At the moment, the giant coin has slightly recovered back to a trading price of $9778, after testing the $9500 area today.
The Bitcoin price is now down by 2.30% over the past few hours as the bears remain dominant. Meanwhile, the bulls are currently weak to push price higher. As it stands now, the market is heading towards $9100 on the daily chart.
Bitcoin’s Current Statistics
Trading Price: $9728
Market Capitalization: $173,512,268,404
Trading Volume: $16,879,481,047
Key resistance levels: $10250, $10819, 11,500
Key support levels: $9100, $8400, $7500
Bitcoin Price Prediction July 24th, 2019
The bear outlook for Bitcoin’s price action as we can see the 4-hour time frame is capturing a medium-term channel pattern which still remains intact and active at the moment. The weekly short opening has brought the market to the current low of $9500 on Bitfinex.
As the day started, Bitcoin’s price managed to regain recovery near the $9800 resistance. With the current market structure, it’s essential to consider the next likely support at $9100 – which is evident on the daily chart. A break-down at $9100 may expose the market to long-term supports at $8400 and $7500, drawn in blue on the 4-hour chart.
However, if the $9100, reject Bitcoin’s price, we may see a rebound to $10819 after surpassing the $10250 resistance. The $11500 may further play out if the bulls can maneuver the $11000. Another thing to look out for is the Bitcoins volume, which is quite low as revealed on the chart.
Considering the bearish action in the market, Bitcoin’s price will continue to fall until the bears lose momentum. Looking at the market condition, the sellers are very dominant and active at the moment. Therefore, we can expect a more bearish scenario to play out in the future.
Technical Indicator Reading
The MACD has crossed to the negative zone following the past three days’ price drop in the market. With the MACD signal, Bitcoin’s price will continue to fall to support until price meets a substantial rebound level.
RSI trend is now floated at the 30 level. If the level continues to contain selling pressure, the trend will validate a buy signal for the market. A break would further slip the market to the technical support levels.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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