Market Analysis - BTC

The market cap is up to 272B. Dominance has continued to drop and is down to 67.54%. The price of Bitcoin is at 10,200.

Price action finally had a break in price action and broke below short-term support before buying pressure quickly stepped in.

The dip in price action which caused the price to drop from 10,100 down to 9,500, took place in less than 5 minutes.

Such a small time window points to either a single seller or a large account controlled by bots/algos.

The dip in price created an opportunistic technical landscape, which allowed bots to quickly buy the price back up to 10,000 in under 2 hours.

If the buying pressure continues, we should see the price action break through the resistance trendline before re-testing the resistance zone.

Bearish: If the price fails to break through the resistance trendline, price action could pull back and continue to range between 9,500 - 10,500.

Bullish: If there is enough volume over the next 24-48 hours, we could break above 10,500 to test 11,000.

Bearish 60% / Bullish 40%