Bitcoin Price Clings to $11,000 as Analysts Prepare for 40% Price Correction

Bitcoin 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.

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.

Now it would appear various factors have converged to put downward pressure on bitcoin.

Among them, data shows the supply of stablecoin tether has doubled this year; increased tether issuance tends to result in both bitcoin price gains and volatility.

Josh Rager, the analyst and investor increasingly known for his bitcoin predictions on social media, added to the overall sentiment that the cryptocurrency was about to take a break from its bull run.

Regardless of price movement, bitcoin's technical factors continue to impress, with hash rate again reaching an all-time high in recent days.

As Cointelegraph previously reported, the statistic provides a reliable indication of the overall health of the bitcoin network.

After a turbulent week for traders altcoins again failed to rally on Monday, instead following bitcoin to greet them with yet more losses.

On Friday, as Cointelegraph noted, veteran trader Peter Brandt had warned altcoin markets would likely never recover or even match bitcoin's price growth, in opposition to behavior during previous bull cycles.