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Bitcoin Price Flips Downward After Almost Reaching $3,000

The price of bitcoin has been surging over the weekend almost touching $3000 per BTC on Sunday, June 11 across most global exchanges. The following day roughly around 6:30 am bitcoin’s price took a steep decline dropping to a low of $2700 but has since bounced back a touch after the dip.

Also Read: Russian Government To Introduce KYC Guidelines For Cryptocurrency Purchases

Bitcoin Comes Close to $3K, but Highs Were Followed by a Steep Correction

During the weekend throughout June 10-11 bitcoin’s price seemed to be forming a strong consolidation in the $2970-2980 range. It tried to cross the $3000 mark multiple times (it did on a couple of exchanges) with little success as the price per BTC topped a high of $2980 on the trading platform Bitstamp. After that, the June 12th morning dip seemed rather unexpected and looked to be merely some profit-taking for the time being. At press time the price has rebounded and is sitting roughly around the $2775 mark.

Bitcoin's Price Flips Downward After Almost Reaching $3,000

‘The Flippening’

Bitcoin's Price Flips Downward After Almost Reaching $3,000 One of the most topical discussions at the moment is the market capitalization of Ethereum (ETH) and the possibility of it surpassing bitcoin’s market cap. Ethereum had a pretty good weekend jumping from $300 to $420 across most exchanges. This has led to the ethereum market capturing roughly 78 percent of bitcoin’s valuation in what a lot of people are referring to as the ‘flippening.’ Currently as far as a flippening is concerned ethereum has already surpassed bitcoin trade volumes, mining reward and even 24-hour transaction volume. As of right now, ETH market dominance is 32 percent, and BTC is 40 percent among the 870 cryptocurrencies in existence.

24-Hour Price Analysis

Looking at the charts on Bitstamp bitcoin’s price is trying to regain ground at the moment. Technical indicators are showing the 100 Simple Moving Average (SMA) is still above the 200 SMA — which is a good sign showing the gap may indicate more bullish trends in the future. Right now order books on Bitstamp are moving faster than the eye can catch but there are big sell walls in the 2850 range and there are even larger walls above this mark. Both the Stochastic and Relative Strength Index (RSI) levels show a healthy correction was due and bulls will remain on the sidelines for better entry points. It’s safe to assume Bitcoin trading markets will be quite volatile over the next 24-hours and day traders, and intra-range players should have a field day scalping profits.

Bitcoin's Price Flips Downward After Almost Reaching $3,000
The June 12th dip on the Bitstamp exchange 10:15 am EST.

Just an Average Day in the Land of Cryptocurrency

Overall things have been quite positive within the cryptocurrency space, and the correction has taken place across most crypto-markets after a few digital assets touched all-time highs. Mainstream media is reporting about bitcoin’s rising price but are also speculating on the performance of ethereum markets. The likelihood of bitcoin breaking the $3000 range and finding new highs is not out of the question, as we’ve seen corrections like this on multiple times over the past two months. Alongside this, at the token’s current rate of growth, the possibility of Ethereum experiencing a larger market capitalization than bitcoin is also a possibility.

Bear Scenario: The price of bitcoin has dipped quite a bit since the June 11 high to a low of $2700. At the moment bears seem like they are having a hard time pulling down the price further but it’s possible they could bring BTC down to the $2600 range. At the moment there is a strong foundation between $2600-2700, but the price could go lower if psychological patterns cause panic.

Bull Scenario: Bitcoin’s price looks as though it just received a healthy correction and bulls have possibly pulled the elastic back once again to set up for the next spring upwards. The price per BTC could easily break the $3000 mark, as we’ve seen after every correction there have been higher follow-ups in price. Trade volume is healthy with over $2 billion worth of BTC traded daily, and higher price points are achievable even in the short term.

What do you think about the price coming close to $3000 then toppling back down into the $2700 range? Also, do you think Ethereum’s market value will surpass bitcoin? Let us know what you think in the comments below.  

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Pixabay, Bitcoin.com, and Bitstamp. 


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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written hundreds of articles about the disruptive protocols emerging today.
  • NAIJABOY

    ealier today the chinese clamb down on miners. this coupled with the segwit speculation and other scaling issues is driving momentum out of BTC to ETH, ETC and LTC. Bitcoin might not touch $3K until after August 1.

    • Khurram Javed

      Agree, or November. But with ETH even with the current large market cap, transactions take minutes and cost pennies (relative to hours and costing dollars with BTC). Therefore, I think even after Segwit (if it happens) bitcoin will never get back to being the beast it once was. BU proponent fought too hard to block Segwit and any change now will not reverse the course of bitcoins slow demise. It will be sad to see it get demolished by the more superior ETH.

    • Getfresh Tips

      Una don dey here too? Lol. 🙁

      • NAIJABOY

        YES OH. I DON MOVE GO #ETH

  • Profit taking…and why not. Run Bulls, Run.

    • Khurram Javed

      Not profit taking this time. Bitcoin money getting rotated into ETH. 1-2 weeks, ETH will overtake BTC market cap. Unfortunately, BTC code is too outdated now. Its the horse and carriage and ETH is the Tesla.

      • I see that and I think you are correct. I also see rotation in Zcash. Not the same Market Cap but the same exchange activity.

        • Khurram Javed

          100% agree. Confirming I see rotation into Zcash also. It appears ETH and Zcash are the winners in investor’s eyes of the top 700+ cryptos. Zcash devs are top John Hopkins professors/coders/scientists.

  • Khurram Javed

    Bitcoin dropped hard but ETH gained 25%. Surprise, people are selling Bitcoin for ETH because Segwit debacle. Pressure your miners to adopt Segwit or bitcoin will get destroyed by ETH.

  • Khurram Javed

    ETH will surpass BTC within a week. BTC will remain a purchase as long as the “hope” Segwit will come remains alive (and BU proponents concede to let it through)