Analysis

The cryptocurrency markets fell sharply on July 10 after bitcoin (BTC) suffered another $1000 sell-off, denying a bullish breakout that looked primed to test its recent 2019 highs.

At 14:00 UTC On July 10, BTC shed $962 from its price tag in a little over an hour, landing just above the $12,000 psychological support before another wave of sellers dragged it to a peak low of $11,550. 

Prices had initially attempted to rally above $13,200 but were stopped short as a quick reversal to momentum brought prices reeling back below $12,000.

BTC’s price has since recovered slightly and is currently changing hands at $11,813.

The move down was also accompanied by a large surge in total trading volume of $3.8 billion over a 24-hour period as traders looked to book profit and exit the markets in quick succession amid declining crypto prices across the board, according to CoinMarketCap data.

Major names such as ether (ETH), litecoin (LTC), XRP (XRP) and EOS (EOS) also began to fall in value at around the same time as BTC, losing between 6-11 percent in just under 4-hours.

Further, the total market capitalization of all cryptocurrencies combined suffered a $27.1 billion loss over 24-hours, marking one of the largest single-day losses in market value since June 28, 2019.

The short-term remains volatile, so BTC could experience a bounce on today’s momentum, but that will need to be accompanied by strong levels in growing (bullish) volume in order to end the recent sell-off still being felt.

Disclosure: This author holds no cryptocurrency at the time of writing.
bitcoin image via shutterstock

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