Bitcoin Gold Price Analysis: Strong Selling Pressure At $12

Bitcoin Gold is one of the cryptocurrencies which are now suffering the most under the tough bears’ grip on Tuesday. In today’s cryptonews, we can see that the Bitcoin Gold price has went from being one of the best performing assets previous month (January) to the biggest loser on the day now.

The trading in the Asian and European sessions shows that there is a strong selling activity. After the opening value of $11.77, the Bitcoin Gold price was hit by a low at $11.07 and is now trading at $11. This was at the same time when the altcoin news showed major losses on the market. In other words, the crypto asset managed to drop 5% of its value barely halfway through the day’s trading session.

The immediate upside for BTG is capped by the 50 SMA in the 4-hour range now. This downward momentum follows an attempt to clear the resistance at $12. This breakout came after the surge which crossed the trend line resistance.

The RSI now clearly shows that bears are gaining traction and controlling the Bitcoin Gold price. This also means that if the 100 SMA support gives in, the cryptocurrency will spiral towards $10 and eventually crash to $8 which is its support level now. As the sellers push now, the bulls are keen to keep the altcoin’s focus and redirect it towards the target at $15.

Bitcoin Gold is now on the 38th position on the market with a current loss of 1% and a price of $11. The market cap of $192 million has been built very quickly. However, with the global news showing that the coronavirus is one of the reasons why Bitcoin (BTC) is posting new gains, Bitcoin Gold could also benefit and surge again.

Two positions below this altcoin, we can see Ravencoin (RVN) with new gains of 8% which brought it to a price of $0.03. The market cap of this altcoin is solid at $167 million and many see it as a serious competition for the Bitcoin Gold price (BTG). Other than this, there are no major winners in the market today.

In the top 20, reds are showing all over except for the eleventh placed Tezos (XTZ) which is again soaring and just added 5.67% to the price. XTZ is now at $2.03 with a decent momentum.