After the speech by Fed Chair Jerome Powell earlier today as regards the US dollar (DXY) inflation, Bitcoin and other major markets witnessed a significant spike, which saw BTC rising from around $11,200 to $11,600 in minutes.
However, this bullish spree was short-lived as the markets retraced back to their previous lows very quickly. This has exposed some technical bearish signs in the benchmark cryptocurrency and suggests that we could see the $10,500 support again in the near-term.
That said, a downtrend at this time will be further catalyzed by miners. A recent report shows that miners are now offloading their BTC holding at a rapid rate.
Key BTC Level to Watch in the Near-Term
At press time, BTC is trading around $11,280, which is a notable drop from its daily high of $11,600.
Some analysts note that this rejection was a clear sign of the depressing times to come for the cryptocurrency. They remark that Bitcoin has now run out of bullish steam to help invalidate the building selling pressure.
The major support levels to look out for in the near-term are the $11,200, $11,000 (psychological line), and the $10,800 previous pivot. Subsequent declines could usher-in the $10,500 level and lower.
However, Bitcoin could negate this bearish projection if bulls react strongly to any of this demand level.
Meanwhile, the main target of this expected decline is the $10,500 price mark.
Total market capital: $352 billion
Bitcoin market capital: $209 billion
Bitcoin dominance: 59.3%
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