Bitcoin indicators show that the BTC selloff is running out of steam with the cryptocurrency posting huge losses as buyers are having a hard time garner significant momentum as we read more in the bitcoin price news.
The selling pressure sent shockwaves over the entire cryptocurrency market causing the altcoins to see huge selloffs that erased the majority of the gains. One trader noted that the cryptocurrency could be on the verge of seeing the ongoing selloff to an end as the Bitcoin indicators show slowing downside momentum. With that being said, the declining delta seems to be indicating that the price could plunge towards $10,100 before being able to find any significant support. The defense of the lower $10,000 region is imperative for the bulls as the break below this level could strike a huge blow to the cryptocurrency’s market structure and will eventually lead it to see more losses in the upcoming days.
At the time of writing, Bitcoin is trading down at 3% with a current price of $10,600 and the descent slowed down at this price region indicating that there’s some buying pressure here. The recent decline came unexpectedly and was possible because of the turbulence in the stock market. The strength is being expressed by the US dollar and it could further be attributed to the BTC weakness. While speaking about the number one cryptocurrency outlook, one trader explained that the downside expansion of the altcoin seems to indicate that a move to the high of $10,000 region is imminent:
“Delta expanding to the downside, looking at high 10100.”
If the decline occurs, it will create even further weakness for the coin in the upcoming days and weeks. On a more optimistic note, there’s one indicator that suggests Bitcoin’s downtrend will be losing momentum for the time being. The fund manager Mohit Sorout offered a chart showing the indicator in the recent tweet with the intensity of the selling pressure which could be slowing down as BTC reaches key-range low support above $10,000:
“Where is the btc blood you guys keep talking about.”
The upcoming few hours should offer some more insights into the current state of both Bitcoin and the crypto market.
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