Bitcoin Price Analysis on December 11: Price Decline and Binance Technical Problems

Bitcoin continues to decline amid low exchange rate volatility. The main trading area remains in the range of $7,000 - $7,400. Only in case of breakdown of these boundaries can further forecasts be made. However, the general market situation speaks in favor of the bears, given their increasing pressure.

Besides, the middle Bollinger line is still directed down, and in recent days, the Bitcoin chart has been fixed below it. We also see a narrowing of the Bollinger band, which indicates an imminent strong movement.

Many factors indicate a further decline, so you need to prepare for it and choose the appropriate trading strategy. If you go below $7,000, the price will go to $6,300.

Market Capitalization and Altcoin Performance

Total market capitalization fell below $200 billion and continues to decline. Trading volume in the market has grown a little and now amounts to $61 billion. Bitcoin dominance fell to 66.6%.

As a result of the decline in bitcoin, most altcoins followed him, so we did not see impressive growth in coins over the last 24 hours. So, DigixDAO is in the first place, having grown by 14%.

The leader in the fall was EDUCare, which lost 14.57%. As a result, the coin's capitalization dropped below $100 million. It was to be expected because, in a few days, the coin grew by 60% without any correction.

The most notable event of yesterday was the rapid depreciation of the Matic coin, which lost 70% of its value in a few hours. The head of Binance immediately stated that the project team is not related to this fall. On the net, rumors spread that technical problems appeared on the Binance exchange, which led to such a severe decline.