Bitcoin (BTC) Goes On Freefall, Is This The End Of The $100,000 Dream?
The market has in the last 24 hours been suffering in the hands of the bears. Their pressure has intensified in the last couple of hours, seeing virtually all cryptocurrencies turn red. The lack of stability since the market ended strong last week has since seen high levels of volatility.
For Bitcoin, the asset has as most cryptocurrencies dropped below a key support position. In the last couple of hours, it has dropped below $11K. This is a level the asset has traded above in nearly two weeks. With the bears tightening their grip, this could easily see a sell-off triggered as panic descends.
A few days ago when the market was green, many were predicting that the all-time high of $20K would be achievable in the next week or so. Further down the road, many were seeing the possibility of Bitcoin hitting $100K in the next 2 years. So, is the current freefall a wake-up call or a mere dent on these dreams?
More Drops Could Be On The Way
The current drop comes as no surprise as is the case with every short term rally. With the hype around Facebook’s coin, Libra, fading and daily trading volume dropping, a correction is in order.
However, key support positions need to be protected to prevent panic and massive sell-offs. For now, technical indicators continue to show deeper losses in the next few hours and days. This is especially if the asset does not resist dropping below $10,700 and $10,500. If these positions are breached, greater support will be achieved at $10,000.
At the time of press, Bitcoin is trading slightly above $11K, marking a 6% drop in the last 24 hours. This has since seen dominance drop to around 62% and the total market cap slip below $320 billion. The asset is in desperate need to get back above $12K or it will continue dragging further down.
Will The Bulls Turn Up In The Weekend?
Last month, most rallies happened during the weekend. For some of these, it coincided with whales movement which has triggered massive rises in several occasions. Hopefully, the same trend will continue into the first weekend of July.