Daily Market Analysis - BTC

The market has rapidly dropped overnight and is down to 305.80B. Dominance is slightly down to 62.50%. The price of Bitcoin is re-testing support at 10,500.

As per usual, the Bitcoin volatility is keeping this uptrend exciting. In a span of 24 hours, Bitcoins market cap lost 50B out of the total ~250B it was at previously. It is currently just below 190B.

Price action is testing the tenkan san. If this support is unable to hold and more participants flee the market, we could see the price quickly float down to 10,000-9,500.

On smaller time frames, there are heavily oversold indicators, and the Kumo has not flipped to a bearish trend yet.

Bearish: Market participants panic sell, price falls to 9,000-10,000 support levels.

Bullish: Price action could find support at it's current level and begin to move sideways or see a short-term reversal up to 11,000-12,000

Bullish 40% / Bearish 60%