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The cryptocurrency markets fell sharply on July 10 after Bitcoin (BTC) suffered a new $ 1,000 sale, denying a bullish break that looked set to test its 2019 highs.
At 14:00 UTC on July 10, BTC lost $ 962 of its price in just over an hour, landing just above the psychological support of $ 12,000 before a new wave of sellers reduce it to $ 11,550.
Prices initially attempted to rise above $ 13,200, but were halted as a quick reversal brought prices below $ 12,000.
BTC's price has rebounded slightly since then and is currently $ 11,813.
This decline is also accompanied by a sharp increase in the total volume of transactions, of $ 3.8 billion over a 24-hour period, as traders sought to generate profits and exit markets. quickly after the crash of cryptography prices, according to CoinMarketCap.
Important names such as Ether (ETH), Litecoin (LTC), XRP (XRP) and EOS (EOS) also began to lose value around the same time as BTC, losing between 6 and 11% in less than 4 hours.
In addition, the total market capitalization of all the crypto-currencies combined suffered a loss of $ 27.1 billion over 24 hours, which is one of the largest market losses in a day since June 28, 2019.
The short term remains unstable, so BTC could experience a recovery from today's momentum, but this will have to be accompanied by a sharp rise in volume (bullish) in order to put an end to the recent wave of sales that is still felt.
Disclosure: This author does not hold any cryptocurrency at the time of writing.
bitcoin image via shutterstock
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