Bitcoin (BTC) Declines Amongst Broad-Based Selling

The Crypto rally appears to be fading as we’ve started to see some selling across the board.

Recently Bitcoin (BTC) had really turned things around and we were testing 12,000. As of this writing, we are now back under the all-important 10,000 level and things are starting to look a little shaky.

There was more good news for Ripple (XRP) yesterday as the company is taking on more and more payment clients. However, the good news didn’t make a dent.

Key Levels for Bitcoin (BTC)

10,000 is clearly the most important level here. On a longer-term level, the fact that we trading below doesn’t mean we’ve broker it. There is still the potential to rebound.

However the deeper we get the more it becomes a tough resistance level.

If we can’t hold then I suspect we are looking at a move back down to 8500. 9000 is a round number level that has been in-play before but it didn’t have much in the way of resistance last time around. That makes me think we are right on the edge at the moment.

There is every chance of more selling to come on Friday. So buckle up.

BTC/USD – 240 min Chart.