Bitcoin Nosedives To $9,800 Again, Altcoins Are Bearish Too

From this morning’s altcoin news, we could see that Bitcoin led many cryptocurrencies to retrieve and stabilize. And just when we thought that the bearish signals are over – we now see how Bitcoin nosedives to the four digit regions again. Currently, BTC is at $9,837 and is still bearish.

In a largely predicted move, Bitcoin managed to fall back below five figures, dragging a lot of altcoins with it. The latest cryptocurrency news show that Bitcoin nosedives after spending 12 hours trading above $10,000 before a big red candle dropped it on its back again. The 12 hours which followed (overnight) saw Bitcoin recovering a bit to trade just around $9,800.

There is a support line established with the lower level around $9,200 as Bitcoin nosedives. This is also the point where BTC fell to last week. In order to keep the trend intact, a lower low must be made for BTC, potentially sending the asset back to $9,000. The daily volume has also fallen back to $15 billion but the market dominance is just over 67% which is probably the strongest feature for Bitcoin now.

According to traders featured on many best cryptocurrency news sites, the recent BTC movements definitely have an effect on the altcoins. However, many doubt if these effects are strong enough to be permanent. One of the analysts with a handle CryptoHamster said:

“$BTC is up, #bitcoin dominance is down? Just very recently before bitcoin started its growth #altcoins started to grow a bit before it.”

$BTC is up, #bitcoin dominance is down? Just very recently before bitcoin started its growth #altcoins started to grow a bit before it 🤔 pic.twitter.com/RPgTclf8qO

— CryptoHamster (@CryptoHamsterIO) July 26, 2019

Another analyst was also featured in the coming altcoin news as Bitcoin nosedives. We are talking about ‘Crypto Rand’ who tweeted:

“After analyzing #Bitcoin and #Ethereum on different timeframes, same conclusion: sitting on my hands. The current range and volume condition lack interest for trading. Patience is a virtue.”

After analyzing #Bitcoin and #Ethereum on different timeframes, same conclussion: sitting on my hands. The current range and volume condition lack interest for trading.

Patience is a virtue.

— Crypto Rand (@crypto_rand) July 26, 2019

The range bound trading without any clear direction does not appear to be instilling any interest at the moment. ‘Crypto Rand’ also poitned that Bitcoin nosedives and there is lack of interest for trading.

“After analyzing #Bitcoin and #Ethereum on different timeframes, same conclusion: sitting on my hands. The current range and volume condition lack interest for trading. Patience is a virtue.”

Altcoins are in the shadow as the bears move. At this point, they appear to have the upper hand and the general consensus of opinion among traders and analysts is that a further decline may come and bring Bitcoin down to $7,000 or $8,000 – again.