On June 24 the price of bitcoin dipped down 7 percent to a low of $2512 USD after remaining relatively stable at $2680-2700 for the past few days.
Bitcoin’s Price Drops 10 Percent Against the Dollar
As bitcoin maintained the $2700 average, a few bitcoin traders were probably getting bored because the price didn’t show much movement. However, bitcoin’s value fell against the U.S. dollar five solid legs down starting at 10 am EST on Saturday. After taking a steep drop and coming close to going below the sub $2500 range the price of bitcoin bounced back a leg up to $2585 but has since been consolidating around the $2530 territory.
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Bitcoin trade volume has been lower which is typical on the weekends hovering at $979 million in 24-hour volume at the time of writing. Market dominance for BTC has been holding steady at 39 percent due to lower ethereum prices. The price per ethereum after last week’s ETH market flash crash has been holding just above the $300 range. As of right now both bitcoin and ethereum markets are experiencing a bearish sell-off and are trying to find a solid floor.
Looking at the 24-hour charts, the 100 Simple Moving Average (SMA) and the longer term 200 SMA have crossed hairs, and the 100 SMA is now a touch below the 200 trendline. The retreating price hasn’t found channel support just yet, but it looks like we may be sitting at least above the $2500 territory for a few hours. Relative Strength Index is heading down confirming the current seller’s market, and stochastic indicators also show bearish sentiment which will likely continue for a bit. Day traders will find easy scalps and breaks during these times as the price should show some profit taking shake-ups.
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https://news.bitcoin.com/markets-update-stability-bitcoin-price-trends-downwards/