Bitcoin in Trouble Following a Recent Retrace From $11,150
Login

Bitcoin in Trouble Following a Recent Retrace From $11,150

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:
Bitcoin (BTC) is back in a bearish territory as about $12 billion has been shaved off the crypto market in the past 24 hours. Also, about $10 million worth of BitMEX BTC longs has been liquidated as a result of the decline.

Over the past 12 hours, Bitcoin slumped from the $10,900 area to a low of $10,290, smashing the 50 and 200 SMA in its way down. At press time, it is currently trading at $10,490.

The Altcoin market is also experiencing this weakness as traders flee to stablecoins and other safer assets. Reports show that this is the benchmark cryptocurrency’s fourth flash crash since the start of this month.

Meanwhile, this comes at the same time when the global equity markets are crashing, with Wall Street declining by about 2%.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch

As projected in a previous analysis, a slight correction occurred once Bitcoin hit the $11,150 mark on Saturday. However, that projected slight decline has turned to a full-blown bearish retracement.

Bitcoin appears to still have room for some more decline given the global risk sentiment. Also, we are still yet to see the much-talked-about CME gap at $9,600 get filled. Currently, it is still unclear if the decline could take us to the CME gal level, however, such a possibility is not off the table.

It would be prudent to see how BTC reacts with the strong $10,200 support before placing any bets.

Meanwhile, the crypto remains under a downward-facing trendline, indicating that this depression could go on until it breaks above that line around $11,000.

Total market capital: $329 billion

Bitcoin market capital: $193 billion

Bitcoin dominance: 58.6%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News