Bitcoin (BTC) led major cryptocurrencies on a fresh downward spiral July 1 after markets halted support above $12,000.
Data from Coin360 shows bitcoin has lost its grip on the $11,000 mark as of press time, trading around $10,950 having gone as low as $10,680.
Conditions remain volatile this week, with last week’s peak of $13,800 still unchallenged. Now, attention is turning to a long-term retracement, which one analyst claims could bring BTC/USD down to just $6,600.
Previously, talk was of a lighter correction which would focus on the $9,500 area. Bullish forecasts for further growth also began appearing, with Fundstrat’s Tom Lee leading calls for a new all-time bitcoin price high in 2019.
Read more: https://bitcoin2day.net/bitcoin-price-clings-to-11000-as-analysts-prepare-for-40-price-correction/