Price analysis 7/12: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, BCH, LTC – BTC Ethereum Crypto Currency Blog

Bitcoin price is drifting lower, pulling altcoins to critical support levels and testing the resolve of traders who were looking for a bullish reversal.

Bitcoin’s (BTC) roof has been shifting lower in the past few days, which is a negative sign because it shows that bears are selling on every minor rally. Bitcoin’s weakness is affecting the major altcoins as most are gradually drifting lower.

Joel Kruger, a Forex strategist at LMAX, recently said:

“It would be foolish to rule out the possibility for a drop back below the June low, and we think there would be a risk in that scenario where the Bitcoin price could revisit the old record high area around $20,000.”

Daily cryptocurrency market performance. Source: Coin360

However, Bitcoin’s fundamentals seem to be improving. The network hashrate had taken a big knock due to China’s recent crackdown on miners, but it is gradually coming back on track according to data from various on-chain sources. This shows how the network has balanced itself without the need for assistance from any external agency.

Will Bitcoin’s price follow the hashrate higher or will negative sentiment prevail? Let’s study the charts of the top-10 cryptocurrencies to find out.