Connect with us

Bitcoin News

Bitcoin Price Back Under $10K Closer to ‘Ideal Buy Zone,’ Says Trader

Published

on

After failing to reclaim the $11,000 threshold yesterday, Bitcoin (BTC) price has dropped again to four figures.

After the biggest cryptocurrency rapidly dropped $700 in minutes earlier today, the bearish movement continued as Bitcoin dipped below $10,000 price mark.

Market visualization

Market visualization | Source: Coin360

At press time, Bitcoin is trading at $9,983, down 6.5% over the past 24 hours. Over the past 7 days, Bitcoin is down around 4.3% percent after reaching an intra-week high of $10,929 on Aug. 19.

Bitcoin 7-day price chart

Bitcoin 7-day price chart | Source: Coin360

The latest drop below $10,000 level was one of the many that occurred over the past 30 days as Bitcoin was hovering around the threshold since mid-August. In fact, this will potentially be the fifth time BTC will test the critical support level at around $9,300 that has proven resilient since mid-June. 

Bitcoin first dropped to around $9,700 on Aug. 15 and then slipped to about $9,800 after reclaiming $10,000 again on the same day. Bitcoin trader Jacob Canfield calls the latest drop under $10K a “pretty classic rising wedge that hit resistance.”

However, Canfield doesn’t see BTC dropping lower than $8,900. 

“First support zone didn’t hold up price at all,” he wrote on Twitter. “Ideal buy zone $8900-$9100 if we can get there.”

But despite price struggling to hold above the $10,000 mark, Bitcoin fundamentals have been continuously improving. On Aug. 19, the Bitcoin network hash rate broke another record, hitting 82.5 TH/s. Moreover, Bitcoin’s dominance on the market has been growing over the past month, up from 65.2% to 69% at press time, according to data from CoinMarketCap.

Keep track of top crypto markets in real time here

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement
Advertisement

Recent Posts

Copyright © 2019 The Crypto Report