Bitcoin (BTC) hit new lows on September 7th as renewed selling pressure pushed the top cryptocurrency back into the USD 9,800 area.
Daily chart for the cryptocurrency market, September 7th. Source: Coin360
Analysts consider the BTC price to be the lowest point in the futures gap
The data from Coin360 and Cointelegraph Markets showed more problems for the BTC / USD pair on Monday, that reached $ 9,880, the lowest since July 26th.
Daily price chart of the BTC / USD pair. Source: Coin360
After a mixed performance on the weekend, $ 10,000 seemed like an increasingly shaky support, something analysts warn about, could be critical in the short term.
When discussing the current market Michaël van de Poppe, Analyst at Cointelegraph Markets, said The outlook depended on two gaps in the CME Group’s Bitcoin futures markets.
As Cointelegraph reported, the two gaps are at $ 9,700 and $ 10,600: Van de Poppe outlined two likely scenarios for price movementsand the question is Which gap will Bitcoin fill first?. At the time of this writing, it was $ 9,950.
“The $ 10,000 level really couldn’t be sustained (or is falling). The second scenario would be to close the CME gap, after which the upper CME gap is closed. “, tweeted.
“$ 9,600-9,800 could be the lowest level right now.”
He second scenario implies a split towards $ 11,000, followed by retesting the levels around the lower CME gap.
DXY continues to rise to BTC
The bears had gained the upper hand in the past week $ 12,000 quickly gave way to losses of 15% as macroeconomic changes took their toll.
The strength of the US dollar currency index (DXY), which began during the week, continued on Monday to hit 93.1.
10-day chart of the US dollar currency index. Source: TradingView
Any impact from Wall Street stock markets will not be felt until Tuesday, as trade broke out on Labor Day.