Despite doing its best to hold onto a five-figure value, bitcoin has sunk below the $10k mark once more. But only just.
At the time of writing, the leading cryptocurrency is priced at $9,988 following a five percent loss in value over the past 24 hours.
So yes, Bitcoin has cracked under the pressure again, sinking below the $10k key resistance level. The leading cryptocurrency is seemingly teasing investors though as it is so close to five-figures, but not quite yet.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
A lot of the altcoins have also lost a lot of their value too with Ethereum priced at $210 at the time of writing following a 5.29 percent decrease in value. Ripple’s XRP token isn’t performing well either with a current price of $0.31 after a 4.36 percent loss on the day.
With a shift below $10k, Bitcoin has reportedly fallen under a short-term trendline which acted as resistance in late-June and support in early-July. The analyst Crypto Hamster indicates that if Bitcoin closes a six-hour candle under this level which currently sits at $10k “more dump could come.”
As previously reported earlier this week by Ethereum World News:
Bitcoin’s one-day chart isn’t looking all too good per the Ichimoku Cloud. Hodl21k wrote that the Heikin Ashi candle trend is weakening, as marked by small candles after large downtrend candles. Other Ichikmoku Cloud indicators implying bearish price action includes the Chikou line being now below the price, the Tenkan and Kijun lines pointing lower, and the price entering the Kumo band. Per a later tweet from the trader, the move that follows could bring BTC into the $7,000 range.
There is some hope for the cryptocurrency though as while the five percent loss that Bitcoin has been seeing over the past day obviously isn’t bullish, BTC is still in a big bull flag.