- Bitcoin Breaks Below Key Support and Still Looks Poised for More Losses
- Altcoins Are Beginning to Retreat as Bitcoin Dominance Returns to 69 Percent
Bitcoin News Today – The bears seems to have overpowered the bulls as Bitcoin (BTC) drops to the four digits level. Bitcoin (BTC) has failed to hold gains over the $10k level and the bears have taken over the market. Bitcoin was only able to remain over the $10k level for a few days this week. The digital currency has been plunging lower since it tested a high of $10,300 this week. Data from CoinMarketCap revealed that Bitcoin (BTC) price dropped to $9,850 a few hours ago, lining up with its weekly support area.
Bitcoin Breaks Below Key Support and Still Looks Poised for More Losses
According to TradingView, Bitcoin (BTC) is still within its range-bound channel. However, the digital currency look poised to continue its downward trend to the $9,600 support area if buyers do not take over the market.
Bitcoin (BTC) Price Today – BTC / USD
Peter Brandt – a professional crypto analyst – has forecasted a bearish move due to the formation of a descending triangle. Via a tweet, Peter Brandt said:
“Markets have a tendency to do what the most number of market participants least expect and do not want to happen. Descending triangles are most often bearish.”
Bitcoin (BTC) has not broken out of this pattern yet. However, the continue dips below the $10,000 level indicate that buyers are very few, and the same money is leaving and entering the market. Bitcoin’s chart pattern is pretty clear and something huge is set to unfold after the breakout, which could happen this week.
Bakkt will be launching in the next few days. Many in the crypto space believe that the launch of Bakkt would be the savior. However, things are not looking that way at the moment, as Bitcoin and altcoins are currently struggling to hold gains.
Altcoins Are Beginning to Retreat as Bitcoin Dominance Returns to 69 Percent
At the time of writing, the dominance of Bitcoin (BTC) is back at 69 percent. This means that altcoins are beginning to retreat; they are losing most of the gains they amassed during the week. The price of Ethereum (ETH) is down by about three percent over the past day, bringing ETH to USD live price to $212. ETH to USD price surged by more than 17 percent during the week, but the majority of those gains are lost.
The loss is even more for XRP, which broke over the 31 cents resistance level during the week. XRP to USD price has dumped by 5 percent, leaving the coin to trade at 28 cents at the time of writing. Will altcoins continue to head south as Bitcoin price plunges?