The Bitcoin price (BTC/USD) has shown resilience during today’s rocky morning session, which has seen the No. 1 digital coin dropping below $10,000, but resisting further losses.
Having opened the Wednesday session at $10,764.57, the original cryptocurrency saw a sharp drop in early trading, with its price falling by some $700 in a matter of hours. During the early afternoon, the coin dropped below the psychological level of $10,000 to an intraday low of $9,962.72. While a modest uptick in the latter stages of the session allowed the coin to recapture the $10,000 mark, it finished the day deep into the negative territory. BTC closed the session at $10,138.05, according to data from digital currency tracker Coinmarketcap.
Then follow us on Google News!
So far today, Bitcoin has struggled to hold above the $10,000 level. During the opening hours of the session, the coin tumbled to as low as $10,833.03, which was its lowest levels since August 15. BTC has since managed to bounce back and is currently trading at around the $10,000 mark.
Bitcoin’s latest struggles come after the coin was rejected at $11,000 earlier this week. Industry website Coindesk noted yesterday that the rejection has strengthened the bear case for Bitcoin.
In a subsequent technical analysis, Coindesk highlighted Bitcoin’s successful defence of the 100-day moving average (MA), but also warned that the bulls were not back in control yet.
“The bearish reversal pattern opened the doors for a retest of the Aug. 15 low of $9,467, as discussed yesterday,” the website wrote earlier today. “So far, however, that target has remained elusive and the dips below the 100-day moving average (MA), currently at $9,900, have been short-lived.”
However, Coindesk added that the outlook would turn bullish only above $10,956.
In today’s trading, the Bitcoin price stood at $9,969.38, as of 12:41 BST. The digital currency has lost 1.7% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at $178.3 billion, which represents 68.6% of the combined value of all digital currencies.
Featured image: Visual Generation / Shutterstock.com
The post Bitcoin price (BTC/USD) drops to one-week low in rocky Thursday trading appeared first on The Independent Republic.
Theindependentrepublic.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BAT
Send Tip now!