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Bitcoin (BTC) Price Analysis for 08/11

Have bulls abandoned their attempt to conquer the $12,000 mark of Bitcoin (BTC)?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

A correction has begun on the cryptocurrency market as all Top 10 coins are located in the red zone. The biggest loser is the recent top gainer, Chainlink (LINK), whose rate has declined by almost 6% since yesterday.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

As some altcoins have lost much more than Bitcoin (BTC) has, the dominance rate of the main crypto has strengthened recently and currently makes up 60.5% of the market.

BTC’s market share
BTC’s market share

However, total market capitalization has declined by around $5 bln over the last 24 hours and is now at $357 bln.

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Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Bitcoin today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $215,902,072,978

  • Price: $11,697.19

  • Volume (24h): $23,363,708,310

  • Change (24h): -1.41%

The data is relevant at press time.

BTC/USD: How deep can the correction go?

Yesterday morning, buyers were unable to build up buying volumes and growth stopped at the daily high point of $12,080. The high zone of August 2019 remains, as before, out of reach for bulls.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Sellers extinguished yesterday's attempt to break into the one-year high zone with a bearish impulse, which pushed the pair back to the support of $11,500.

👉 MUST READ BTC, ETH, XRP Price Analysis for 09/08related article image

However, Bitcoin (BTC) quickly bounced above the average price level, and today buyers are ready to try again to refresh the annual maximum. If buyers find support in the 2H EMA55 area, they may form another bullish impulse. If bears push through the level of average prices, the pair will return to the 50% fibo support ($11,394).

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H time frame, the bearish mood is gaining steam as bulls are unable to hold the $11,500 level. The selling volume is high enough, which means that the ongoing drop is likely to continue. In this case, the levels at which a potential reversal might occur range from $11,000 to $11,200.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, the situation is also rather more bearish than bullish. The trading volume is going down slightly despite the fact that the trend remains bullish. Further, there is not high enough liquidity to hold the rate of Bitcoin (BTC). In this case, bears may drop the rate of the chief crypto to the support area of $10,500 before a further rise.

Bitcoin is trading at $11,621 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com