Crypto Market Remains Vulnerable: More Losses On The Way?

Many best cryptocurrency news sites reported the declines recently, showing that Bitcoin price dropped and tested the $11,000 support level. As Bitcoin flipped, other altcoins did the same – which shows that the crypto market remains vulnerable. The price action did not sustain as BTC improved and went close to $11,500 which is its current level, too.

However, the bears may still be here and more losses could be on the way, as altcoin news analysts said. There is an ascending channel forming with support near the $11,550 on the hourly chart of the BTC/USD pair. The pair is currently trading near the channel support below which the price is likely to test $11,500. If there are any more losses, it will show that  the crypto market remains vulnerable. The main support right now is near the $11,000 level, below which the last line of defense is at the $10,880 level.

On the upside, there are a lot of hurdles near the $11,800 and $12,000 levels. In order to start a fresh increase, the price must close above the $12,000 resistance and the 100 hourly SMA. The next resistance, as such, could be near $12,250 and the 61.8% Fib retracement level of the major drop from the $13,195 high to the $10,990 low.

Looking at the current chart, the Bitcoin price is correcting but struggling as the crypto market remains vulnerable. Moreover, the latest cryptocurrency news show that BTC struggles to continue higher towards $11,800 and $11,900. Therefore, there is a strong risk of a downside break below the $11,500 and $11,400 levels in the near term.

All in all, the crypto market remains vulnerable and BTC is trading at $11,427 at press time with a $203 billion market cap. The dominance is strong and sits at 65% which maintains the record levels for Bitcoin this month. However, the total cryptocurrency market cap has declined too, and it currently sits at $313 billion. No one knows if the trend is going to continue but analysts predict that there may be more losses ahead.

The technical indicators are as following:

Hourly MACD – The MACD is moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and is below 50 level.

Major Support Levels – $11,500 followed by $11,400.

Major Resistance Levels – $11,800, $12,000 and $12,250.