Bitcoin price drops below $ 10,000 as analysts predict a “technical upturn”.

The price of Bitcoin (BTC) fell below $ 10,000 on September 4 as selling pressures combined with the strength of the US dollar caused hodlers more pain.

Daily snapshot of the cryptocurrency market, September 5th

Daily Outlook for the Cryptocurrency Market, September 4th. Source: Coin360

BTC price triggers bulls with a jump of $ 9,900

Bitcoin price drops below $ 10,000 as analysts predict a “technical upturn”.
Bitcoin price drops below $ 10,000 as analysts predict a “technical upturn”.

Data from Coin360 and Cointelegraph Markets showed the BTC / USD pair hit four numbers during Friday’s trading, capping 24-hour losses by more than 10%.

The largest cryptocurrency had attempted to win back $ 10,500 that day before capitulating for the first time since late July, losing five numbers.

The downward movement is due to renewed bullish signs in the US dollar currency index (DXY), with which Bitcoin had shown a growing inverse correlation in August.

At the end of this issue, The volatility was notable as the BTC / USD pair hovered around the $ 10,000 mark. A rebound took the pair to $ 10,400 minutes after slipping to lows of $ 9,900.

BTC / USD 1-day price chart

BTC / USD 1-day price chart. Source: Coin360

The analyst observes the formation of the soil and a new “alternative season”

For the analyst at Cointelegraph Markets, Michaƫl van de Poppe, There was keen interest in establishing lower support, which would likely be the case for Bitcoin futures up to a gap of $ 9,700.

“If we want to build a bottom formation, I would say we have to test the low or very strong support.” tweeted.

“With that in mind, tech is returning to its highs of $ 10,000, which then ends with another drop-down menu to set up that support.”

Van de Poppe added that a weakness in bitcoin could generate new profits for altcoins. Bitcoin’s market capitalization share was 57% on Friday, its lowest level since June 2019.

Stay up to date with the latest CRYPTOCURRENCY markets here

Similar Posts