A Wide $15 Billion Market Dump Has Bitcoin Hovering Over the Four-Figure Mark
By Jamie Green – Crypto Dealer
The crypto markets have recently experienced a wide dump of around $15 billion that dropped Bitcoin to hover above the four-figure mark after dipping below.
The conditions have been choppy for a while and many have been buying Bitcoin at this lower level. Can the price hold?
Since the past weekend, Bitcoin has been slowly crossing the $10k mark. A golden cross that is seen on the hourly time frame with 50 and 200 moving averages showing this trend growing. However, the opposing cross from the other side on the four-hour chart triumphed which resulted in a downturn. In just a couple of hours during Asian trading times this morning, Bitcoin slumped from $10,800 to $10,100 suggesting more incentive to sell Bitcoin.
This move has taken almost 7% from the overall price and right now, Bitcoin is toiling around the four-figure territory as of writing. BTC can dip right back under $10,000 now it has dropped passed some key levels of resistance, but there have been a lot of buyers that are wondering whether to buy Bitcoin at this level.
This could suggest that Bitcoin is oversold, and the price could be consolidating around the $10,000 mark before its next move. When the price consolidates, it is not always easy to tell if buying or selling Bitcoin will prevail.
Though Bitcoin has fallen below $10,000 recently, it has still not dropped below $9150, the lowest dip since the rally begun. We could potentially see Bitcoin test this level of support again or new interest at this price causing a rally.
Don’t forget to head over to our platform if you’re seeking to buy Bitcoin UK through your Trusted Bitcoin broker.