Bitcoin (BTC) was rejected at close to US$46,800 on Wednesday (11) and appears to try to rise again to face resistance this Thursday (12), but signs of weakness cast doubt on the move.
The BTC comes bullish yesterday after approaching $46,800, a price that marks the beginning of a resistance zone that goes up to $47,800.
The price rose confidently but fell almost immediately when it hit $46,743, making a dip to $45,000. The cryptocurrency opens the day quoted at US$ 45,386, down 1.6% in the last 24 hours, but keeping monthly earnings above 30%.
Although the market is going through a moment of slight correction after a strong rally yesterday, some cryptocurrencies in the top 100 stand out and make new gains. This is the case, for example, of the XDC Network (XDC), which shoots almost 33% to US$ 0.130261 and has already reached a weekly high of 66%.
Right behind appears IoTex (IOTX), token of a project that unites DApps and Internet of Things, which has soared 300% in recent days, entered the top 100 and registered gains of 20% on the day. In the week, the valuation is already close to 450%.
Next comes Ripple (XRP), which, despite a token dump by co-founder Jed McCaleb, managed to break the $1 mark again.
The worst of the day so far is Ravencoin (RVN), which retreats almost 10%, but still accumulates impressive 100% high in the last seven days. SAFEMOON, HNT, RUNE and ICP are also currently down, between 6% and 8%.
As a result, the cryptocurrency’s total market capitalization drops slightly to $1.94 trillion after breaking the $2 trillion resistance on Wednesday. This had been the first time the value of all cryptocurrencies added together had gone above $2 trillion since it fell on May 20th.
What to expect from Bitcoin
According to crypto-currency analyst Valdrin Tahiri, Bitcoin is likely to try once again to break through the $46,800 resistance zone a day after being sizably rejected.
However, graphical analysis across multiple timeframes shows signs of weakness in the move, suggesting that a dip to support levels is increasingly likely.
According to Tahiri, the two- and six-hour charts show indicators in negative terrain, and the wave counting tool, which measures longer movements, shows a double top, a pattern considered negative that normally precedes a dip.
If the scenario actually holds, the BTC could fall back below $40,000 – more specifically, to support levels at $39,900 and then $37,770.
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