Bitcoin (BTC) Falls Below $ 10K Again!
Leader crypto currency unit Bitcoin (BTC), fell below 10 thousand dollars. BTC, which had been around 10 thousand 300 dollars for a few days, had declined to 10 thousand 100 dollars this morning. The crypto currency has declined to the level of 9 thousand 950 in the last hour. According to CoinMarketCap data, BTC was trading at 10 thousand 91 dollars at the time of writing.
During the first week of September, most digital assets in the cryptocurrency market fell. About $ 40 billion was deleted from the total market capitalization, resulting in significant losses across the board. Among the cryptocurrencies affected were BTC, whose price dropped below $ 10,000 for the first time since late July.
Although the leading cryptocurrency started the week with a good stance despite the significant losses it suffered later, it fell below the $ 10 thousand level again in the last few hours.
May Decline Up To $ 9 Thousand
BTC previously touched a multi-year trendline acting as resistance and rejected any rising price action since the end of December 2017. Given the strength this trendline has shown over the past three years, it will likely serve as a strong support right now. Limiting this significant support level could help Bitcoin to maintain its uptrend, but breaking it could lead to a drop to $ 9K and lower.
According to analyst Akash Girimath, Bitcoin’s 1-day chart indicates that the price broke off the rising wedge, but what was interesting was the rapid fall of the price after the break. There was a decline that included important levels such as 10 thousand 147 dollars or 10 thousand 100 dollars. However, any decline below these will inherently be short-lived due to the purchasing pressure experienced in the last hour.