RATE Group | Bitcoin Bears Start to Stir as BTC Falls Closer to $10k
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Bitcoin Bears Start to Stir as BTC Falls Closer to $10k

16 Jul Bitcoin Bears Start to Stir as BTC Falls Closer to $10k

Posted at 14:48h in Bitcoin News by

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The US Treasury Secretary speech yesterday was largely considered as bullish for Bitcoin by those in the industry. BTC itself moved six percent back up to touch $11k but it has since slid back and is in danger of falling back to the crucial $10,000 level today.

Bitcoin Bears Awakening

Bitcoin’s gains over the past 24 hours are gradually being eroded again as the Asian trading session slips into the US, which is usually the more bearish. From an intraday high of just over $11,000, BTC has declined back to just below $10,500 at the time of writing. With a failure to break resistance further losses are looking likely.

bitcoin

BTC price 24 hours. Coinmarketcap.com

Daily volume has fallen off marginally as the digital asset continues to make lower highs and lower lows. The head and shoulders pattern appears to be playing out though there has yet to be a sustained break of the neckline.

Analyst and trader, Josh Rager, has been eyeing the four hour chart noting that support has been broken twice…

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