RATE Group | Bitcoin Drops Below Long-Term Price Support at $10K
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Bitcoin Drops Below Long-Term Price Support at $10K

24 Jul Bitcoin Drops Below Long-Term Price Support at $10K

Posted at 06:07h in Cryptocurrency News by

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  • Bitcoin has violated the support of the trendline connecting the April and May lows, having charted a bearish lower high at $11,100 over the weekend.
  • A bearish volume divergence indicates prices could fall back to the July 17 low of $9,049.
  • Daily chart indicators are also indicating the path of least resistance is to the downside.
  • A UTC close above $11,100 is needed to invalidate lower highs setup on the daily chart.

Bitcoin (BTC) fell below key support above $10,000 earlier today and could suffer a deeper drop, according to price and volume analysis.

The top cryptocurrency by market value violated a trendline representing the recent four-month bull run with a move below $11,017 at 06:30 UTC and went on to a hit a low of $9,897 on Bitstamp.

With the pullback from Saturday’s high of $11,140 to sub-$10,000 levels, BTC has established yet another bearish lower high – the most basic of all bearish technical patterns – on the daily chart.

As a result, the bears…

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