BITCOIN - deepening declines!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Another week behind us, which turned out to be another week of declines for Bitcoin among others. At the very beginning of last week, we witnessed a huge outflow of capital from the cryptocurrency market. Capitalization dropped almost to 417 billion dollars. From this place a correction occured and now it is over 556.5 billion dollars. Bitcoin's dominance after seven days remained almost the same and it's around 34%.

From a technical point of view, BTC creates sequences of ever lower peaks and holes. In the graph from the D1 interval, we can see that the level of 12 000 dollars has not managed to stop the falls. The price went below 9 500 dollars, after which it returned to test 12 000 as resistance. If the day candle closes at the level in which we are, then we will have a signal to continue the declines, which can reach even the level of 7 900 dollars.

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