Bitcoin Price Struggles

After the 5% drop in the 24-hour period, the bull's price has sought to recover from the mark of $ 6,350 despite the optimistic impulse indicators.

While bitcoin has broken the relative strength index line (RSI) trend and demonstrated neutral zone at 44.3 RSI, the too strong decline of the dominant cryptocurrency has led to a steady decline in its value.

If it had rebounded of $ 6,600 in the last 12 hours, a correction event, a slowdown, or even a further decline in the short run could occur to the $ 6,300 lower limit. After a short refund of $ 6,413, the bull's price fell again to the middle of $ 6,300, which reduced the probability of a bear trend reversal and a correcting event in the coming days.

On July 10, CCN reported that the crypto market had lost $ 22 billion in its combined bounty, as the BTC dropped to $ 6,400. Usually, a corrective event occurs due to the bear's weakening, even if the volume drops below the average.

However, in the last 24 hours the crypto market has failed to show any impulse that could provide a corrective rally for the next 24 to 48 hours. Based on the movement of the crypto market over the past three days, the bitcoin movement under the $ 6,000 mark is more likely than a reversal of the trend.

Ether, the native currency of the Ethereum network, had a particularly downturn on July 10, losing more than 10 percent of its value against the US dollar. Most digital assets, both large and minor cryptocurrencies, tend to follow the bitcoin trend. But the fall of the ether could have been worsened by the MyEtherWallet (MEW) and Bancor scandal.