Bitcoin has continued to crack under pressure. As of the time of writing this, BTC has dipped under the auspicious $10,000 price point, falling to four digits for the umpteenth time in a matter of weeks.
As of the time of writing this, Bitcoin is trading at $9,960 – as it continues to flirt with five digits – and has found itself down 5.4% in the past 24 hours.
Most altcoins also have losses in the 5% range, going to show that the surge in Bitcoin dominance may be coming to an end as some analysts have suggested, which Ethereum World News outlined in a previous report on the potential for a so-called “altseason”.
BTC to Fall Further, Predict Some Analysts
With this move under $10,000, Bitcoin has purportedly collapsed under a short-term trendline, which acted as resistance in late-June and support in early-July. Crypto Hamster suggests that if BTC closes a six-hour candle under this level, which currently sits at $10,000, “more dump could come.”
That’s not all. Per previous reports from this outlet, Bitcoin’s one-day chart isn’t looking all too good per the Ichimoku Cloud. Hodl21k wrote that the Heikin Ashi candle trend is weakening, as marked by small candles after large downtrend candles. Other Ichikmoku Cloud indicators implying bearish price action includes the Chikou line being now below the price, the Tenkan and Kijun lines pointing lower, and the price entering the Kumo band. Per a later tweet from the trader, the move that follows could bring BTC into the $7,000 range.
Also, Crypto Kea notes that if BTC traces 2016’s first leg higher during the 2016 to early-2018 bull market, it could find support anywhere from $7,148 to $8,700. This corresponds to 1.20 times to 1.46 times of the 200-day moving average.
There is some hope for the cryptocurrency though. While the 5% loss that Bitcoin has faced over the past day obviously isn’t bullish, BTC is still in a large bull flag, which is marked by a downward sloping channel after a strong uptrend. Nunya Bizniz noted that should BTC break out from the top line of the current bull flag, which is currently situated at $12,300, Bizniz suggests that a 25% gain is likely – implying an appreciation to $15,000 if such a move higher occurs in the near future.