Cryptocurrency
If Bitcoin Crashes Below $10,000 It’s All Over—Here’s Why
As reported by Forbes, “Bitcoin has declined sharply this week, losing over 5% in under 24 hours and causing traders to nervously eye the psychological $10,000 per bitcoin level. “The bitcoin price lost $1,000 in a matter of hours, falling under $11,000 per bitcoin on Thursday morning with the U.S. stock market posting its biggest sell-off […]
As reported by Forbes, “Bitcoin has declined sharply this week, losing over 5% in under 24 hours and causing traders to nervously eye the psychological $10,000 per bitcoin level.
“The bitcoin price lost $1,000 in a matter of hours, falling under $11,000 per bitcoin on Thursday morning with the U.S. stock market posting its biggest sell-off since June by the close of play as stocks retreated from all-time highs, led lower by tech giants.
“Bitcoin and cryptocurrency market watchers, who have enjoyed a prolonged bull market since the March coronavirus crash, are now focused on the $10,000 line, with a bitcoin futures trading gap set in late July still open just below it.
“Bitcoin’s 2020 bull market, which has seen the bitcoin price surge from around $4,000 to $12,000, could be brought to an abrupt end if the price moves lower than $10,000 per bitcoin.
“‘Moving forward, it is important to keep an eye on the last zone of defense between $10,000 and $10,500,’ Joe DiPasquale, the chief executive of San Francisco-based bitcoin and crypto hedge fund BitBull Capital, said via email. ‘As long as this range is respected, bitcoin is unlikely to see a prolonged bearish spell.’
The bitcoin price fell as low as $10,455 per bitcoin on the Luxembourg-based Bitstamp exchange on Thursday before somewhat rebounding…”