Bitcoin Dips $1k In 1 Hour As Markets Take A Hit

The markets fell sharply on July 10 after (BTC) suffered another $1000 sell-off, denying a bullish breakout that looked primed to test its recent 2019 highs.

At 14:00 UTC On July 10, BTC shed $962 from its tag in a little over an hour, landing just above the $12,000 psychological support before another wave of sellers dragged it to a peak low of $11,550. 

Prices had initially attempted to rally above $13,200 but were stopped short as a quick reversal to momentum brought prices reeling back below $12,000.

BTC’s price has since recovered slightly and is currently changing hands at $11,813.

The move down was also accompanied by a large surge in total trading volume of $3.8 billion over a 24-hour period as traders looked to book profit and exit the markets in quick succession amid declining crypto prices across the board, according to CoinMarketCap .

Major names such as ether (ETH), litecoin (LTC), XRP (XRP) and EOS (EOS) also began to fall in value at around the same time as BTC, losing between 6-11 percent in just under 4-hours.

Further, the total market capitalization of all cryptocurrencies combined suffered a $27.1 billion loss over 24-hours, marking one of the largest single-day losses in market value since June 28, 2019.

The short-term remains volatile, so BTC could experience a bounce on today’s momentum, but that will need to be accompanied by strong levels in growing (bullish) volume in order to end the recent sell-off still being felt.

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