The Bitcoin price (BTC/USD) has dropped below $11,500 after poor weekend trading put the bears back in charge
The original cryptocurrency experienced some disappointing weekend trading, especially on Saturday, when its price dropped below the $11,500 mark. Having started that session at $11,861.56, the digital coin plunged in the afternoon, falling to as low as $11,323.90. BTC continued to struggle on Sunday, but at least it managed to defend the $11,000 mark. The coin fell to a six-day low of $11,248.29, before closing the session at $11,523.58.
However, so far BTC hasn’t been able to capitalise on its late Sunday uptick. On the contrary, the coin spent the entirety of today’s morning session moving on a steady downward trajectory. At the time of writing, the Bitcoin price was hovering around the $11,360 level, according to data from digital currency tracker Coinmarketcap.
The latest price drops seem to have put bears back in control following a couple of days of resurgence for the No. 1. digital coin. According to industry website Coindesk, BTC now faces the risk of dropping below $11,000 in the next 24 hours.
“A range breakout would have meant a continuation of the uptrend. Prices, however, dived out of the narrowing price range on Saturday, confirming victory for the bears,” the website’s latest technical analysis piece reads.
The online publication said that a “strong bounce from the 5- and 10-week moving averages at $10,804 and $10,625, respectively, could fuel a rise back to $12,000”. However, it added that a high-volume daily close or a back-to-back daily close above $12,000 was needed to revive the bullish trend.
In today’s trading, the Bitcoin price stood at $11,339.66, as of 12:46 BST. The digital currency has lost 0.5% of its value in the past 24 hours. The coin’s total market cap currently stands at $202.6 billion, which represents 68.6% of the combined value of all digital currencies.
Featured image: Visual Generation / Shutterstock.com
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