Bitcoin: Pierces the 10,000 Mark

Βitcoin (BTCUSD) continues south for one more day having lost over 30% the last days, and pierces the 10,000 mark as sellers took the short term control. The daily low for BTC was at 9,685 and the daily high at 10,658. Bitcoin capitalization shrunk below 177 billion while the market capitalization of the top 100 cryptocurrencies also decreased to 292 billion, today’s volume is at 29B. Bitcoin (BTC) represents over 57 percent of cryptos value so it is clearly in control of crypto universe at the moment. The recent huge rally that drove prices up to 13,868 halted for now as the move was very fast helped possibly by the news around Facebook’s Libra new cryptocurrency.

The picture is clearly bearish for the largest cryptocurrency in capitalization as it has breached all the major hourly moving averages while as of writing trades also below the 20 day moving average. Bitcoin traders are very nervous as the volatility increases, buyers are looking for new long positions at 8,974 the 50 day moving average while more bids will emerge at 7,100 the 100 day moving average. On the upside strong resistance now stands at 10,315 the 20 day moving average, while I expect extra pressure from sellers at 11,223 the high from yesterday and then at 12,000. Ethereum also mirrors the negative move from BTC and gives up over 4 percent at 282.Don’t miss a beat! Follow us on Twitter.