Bitcoin price (BTC/USD) tumbles as bears regain control

Bitcoin price (BTC/USD) tumbles as bears regain control

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.

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