- Bitcoin has continued to plunge after holding above $11,000 on Wednesday.
- The leading cryptocurrency now trades for $10,100 as of this article’s writing, having slipped briefly below $10,000 just minutes ago.
- Millions worth of positions has been liquidated as the leading cryptocurrency has slid lower.
Bitcoin Just Printed a Sub-$10,000 Price
Bitcoin just slipped below $10,000. The leading cryptocurrency only was under that pivotal price point for a moment, but it was something noticed by many traders on Twitter.
This strong leg lower liquidated $75 million worth of long positions on BitMEX alone. This added to the $100 million worth of liquidations that took place earlier today.
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Investors are currently in disbelief, attempting to argue that the asset remains above pivotal support levels.
The most important level traders are currently eyeing is the $9,500-9,600 range, where BTC struggled to break past during June and July.
Long-Term Outlook Still Bullish
BTC’s long-term outlook remains bullish, analysts say.
Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, commented in a research report on crypto:
“Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak. Our graphic depicts Bitcoin marking time for a third year following the parabolic 2017 rally… Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year if it follows 2016’s trend.”
Others think that $20,000 comes this year due to fundamental trends.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TraidingView.com Bitcoin Plunges Below $10,000 as Selling Pressure Mounts
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