{"id":389509,"date":"2019-07-11T06:00:04","date_gmt":"2019-07-11T06:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=389509"},"modified":"2024-06-11T13:45:19","modified_gmt":"2024-06-11T13:45:19","slug":"bitcoin-price-btc-tumbles-2000-in-few-hours-10800-holds-key","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-tumbles-2000-in-few-hours-10800-holds-key\/","title":{"rendered":"Bitcoin Price (BTC) Tumbles $2,000 In Few Hours: $10,800 Holds Key"},"content":{"rendered":"
Bitcoin price nosedived by more than $2,000 from well above $13,000 against the US Dollar. BTC is now approaching the next important support near the $10,800 level.<\/em><\/p>\n Yesterday, bitcoin price made a few attempts to settle above $13,000 against the US Dollar. However, the BTC\/USD pair failed to gain momentum and recently started a sharp decline below $12,800 and $12,500. The recent decline was nasty, dragging Ethereum<\/a>, BCH, LTC, ripple<\/a> and the crypto market cap lower significantly. BTC broke the $12,000 and $11,800 support levels to move into a bearish zone.<\/p>\n Moreover, there was a break below a major bullish trend line<\/a> with support near $12,800 on the hourly chart of the BTC\/USD pair. The pair even settled below $11,500 and 100 hourly simple moving average. It is down more than 12% and broke the key $11,400 support as well. Moreover, there was a break below the 50% Fib retracement level of the last major move from the $11,001 low to $13,200 high.<\/p>\n It traded towards the $11,200 level and is trading with a bearish angle. Bitcoin is now trading well below the 76.4% Fib retracement level of the last major move from the $11,001 low to $13,200 high. Therefore, there are chances of more losses towards the $11,000 support area. The main support is near the $10,800 level, below which there is a risk of a drop towards the $10,500 level.<\/p>\n On the upside, an initial resistance is near the $11,500 level. If there is an upside correction, the price is likely to find hurdles near the $11,800 and $12,000 levels. The 100 hourly simple moving average is also likely to act as a strong barrier for the bulls near $12,000.<\/p>\nBitcoin Price Analysis<\/h2>\n