$14,000 remains the nearest hallmark value for Bitcoin this year, as BTC fails to maintain a stable fractal above the $13,000 resistance level in the last few weeks.
In what could be regarded as unsurprising, altcoins have also followed the lead of Bitcoin and the entire cryptocurrency market looks to be dastardly oppressed by the latest volatile wave.
The high volatility have left investors in a dilemma, and analysts have proclaimed that the continuous bearish formation that is sabotaging the might of the bull could make Bitcoin eventually find its strong support around $9,000.
Nevertheless, the fresh downhill which made Bitcoin lose about $1,000 from its value in the last 24 hours seems not off-the-wall, especially because of President Donald Trump’s statement about the industry. However, the dip came in an advance period, making analysts aver that it was just a routine trend of the market.
In line with this, analyst Josh Rager proclaimed that for Bitcoin to return on the upside trend of the market, it must form a strong support above $10,577.
Rager said the bear looks to have been awakened from hibernation and Bitcoin is heading down for a conducive area where it can maintain a strong support.
The analyst added that Bitcoin need to outpower the present trend and end the bear above $10,577 level to prevent a somewhat certain drift toward $9K.
$BTC – the 🐻's woke up from hibernation and are pushing the price down to major support area
Really need to see it close above $10,577 level or my next target will be in the low to mid $9ks at a weekly support level
Bulls have until 11:59PM UTC for daily/weekly close pic.twitter.com/kPON0FsgFW
— Josh Rager 📈 (@Josh_Rager) July 14, 2019
At press time, a unit of Bitcoin is worth $10,659.70 against the US Dollar haven lost 6.66% from its value in the last 24 hours.
Although BTC remains above the crucial point identified by analyst Josh Rager ($10,577), but the trend line of the crypto asset is facing downward with no sign for a turnaround.
Also, the entire cryptocurrency market is almost fully inundated with red color as altcoins form their own bearish fractal.
Over $75 Billion Shed Amid Bitcoin Led Pullback
As Bitcoin and altcoins in the market continue to struggle against the Bears for another possible rebound up the chart, the entire crypto ecosystem sees unending value loss.
Bitcoin moved down from a yesterday high value of $11,700 to $10,600 and altcoins are also forming their own derelict trend.
According to Analyst Chonis, the entire cryptocurrency market has lost more than $75 Billion in the last 5 days after Bitcoin tested $13,045 high value on July 10.
— Big Chonis⚔️Flux Trading Group🚀 (@BigChonis) July 14, 2019