The Bitcoin price (BTC/USD) faces the risk of falling below the $9,000 mark after experiencing some tough weekend trading.
The original cryptocurrency experienced some positive price action on Saturday morning, when it managed to retake the $10,000 mark, rising to a four-day high of $10,167.32. However, the digital coin suffered a sharp pull-back in the afternoon, which erased its earlier gains. The coin finished the session at $9,477.68, well below its opening price of $9,871.16
The Sunday session was less eventful, as Bitcoin spent the better part of the say trading within the $9,500-$9,600 price range. The coin’s price experienced a major dip in late trading, falling to an 11-day low of $9,252.30, but it swiftly bounced back to finish the session at $9,552.86.
The rebound bolstered BTC’s performance during today’s early session, which allowed the coin to rise to as high as $9,680.89 in morning trading. However, the coin has since been gradually declining and even dropped below the $9,500 mark in recent trading. According to data from digital currency tracker Coinmarketcap, the Bitcoin price is currently hovering around the $9,500 level.
In its most recent technical analysis piece, industry website Coindesk suggested that despite the swift rebound, yesterday’s drop had strengthened the bearish trend and this could possibly lead to a dip below $9,000.
“[T]he general momentum is still favoring the bears, with chart indicators calling a move toward $9,100 and possibly as low as $8,800,” the online publication wrote earlier today. Only a close above $9,880 (as per Bitstamp prices) would allow for the reversal of that outlook, the website argues.
In today’s trading, the Bitcoin price stood at $9,534.41, as of 14:35 BST. The digital coin has gained 0.1% in the past 24 hours. Its total market cap currently stands at $170.1 billion, which represents 64.5% of the combined value of all digital currencies.
Featured image: Inked Pixels / Shutterstock.com
The post Bitcoin price (BTC/USD) could see further drops as bears remain in charge appeared first on The Independent Republic.