Bears Are Back: Bitcoin Slides, Breakdown Seems Obvious

The bitcoin price failed to hold the ground above $10K since the bears are back and managed to push the price into the four figures range this morning. The move has been in a slow retreat rather than a huge dump but we could expect further losses soon as we are about to discuss today is the latest cryptocurrency news.

Bitcoin could manage a couple of days above $10K at the end of the week and it has been siding below ever since. It also went below the psychological support barrier during the trading session yesterday and since Sundays are usually very slow for crypto trading, the bitcoin selloff continued. According to the analysis from Tradingview.com, bitcoin did drop do $9,850 just a few hours ago and lined up with the weekly support area. BTC is still in the range-bound position but it can drop even lower since the bears are back to support the $9,600 if the buyers don’t start getting busy soon. According to the professional analyst Peter Brandt:

 “Markets have a tendency to do what the most number of market participants least expect and don’t want to happen. Descending triangles are most often bearish.”

Bitcoin has still not broken out of the pattern but the repeated dips below $10K show that there are no buyers anymore and the same money is leaving and again entering the space. The pattern on the charts is very clear and something huge could happen when the breakout happens sometime next week. There are still traders who believe that bakkt will save the price of the cryptocurrency but it seems unlikely at the moment. The dominance of Bitcoin is back at 70% which means that the altcoins are getting back as well and have already started wiping out the gains of last week.

Ethereum has dropped 3.5 percent since last week when it gained 17 percent but some of the gains are starting to shrink again.
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There was some hope that Ethereum had started an independent move but Bitcoin kept falling back and ETH as well is bound to follow. As per the altcoin news reports, Ripple was hit the hardest since it dumped over  5 percent overnight and fall back below $0.28.