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.
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.
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