The last 24 hours have seen Bitcoin sink below $11K. This was almost unavoidable once the digital asset broke the $11,200 support position. The asset has been lacking in momentum for some time now and the bears are taking advantage of the situation.
At the time of press, Bitcoin is down by more than 6% and looking likely to extend its losses as key supports are put to the test. While previous dives have seen altcoins plummet in tandem, this time they are holding up relatively well. In fact, Bitcoin’s hard fork, Bitcoin Cash, is recording gains of over 4%.
Most top altcoins are recording drops but this ranges from marginal to moderate losses. Ethereum, the king of altcoins, is still trading above $200, one of its most crucial supports. At the time of press, the altcoin is down by a little over 1% and exchanging for $207.
XRP is recording a similar percentage drop and is exchanging for a little over $0.29 at the time of press. For Bitcoin, the recent drop has seen it fall to $10,500, where the asset seems to have found some support.
If this position is broken, further losses will see Bitcoin fall to the $10,200 region.
Bitcoin (BTC) Above $9K Is Still Bullish
Predictably, Bitcoin bleeding and altcoins staying up has seen money moving away from Bitcoin and into altcoins. Bitcoin dominance has in the last few hours dropped below 68% where it has stayed above for days. If Bitcoin continues bleeding, dominance will continue dropping and for altcoins this is good, it will continue strengthening their support.
As Goldman Sachs indicated some days ago, the current drops continue to offer investors a chance to buy. Bitcoin is likely to come back stronger after this pullback and could well climb above $15K in the next rally. However, certain supports need protecting. For Goldman Sachs, Bitcoin is only a buy if above $9K. Below this support could trigger a massive sell-off, leading to a price crash.