Bitcoin has slipped below $10,000, again. This has become an all too common event for the cryptocurrency king. In the latest move, the asset has fallen from the $10,200 range to test the $9,600 support.
This position marked an 18-day low. Additionally, by wiping out around $500 in minutes, the drop has seen volatility re-emerge after it fell to a three month low. This comes at a time when altcoins are performing exceptionally with some like Stellar XLM rallying by more than 25%.
However, Stellar is the only asset in the top ten cryptocurrencies that is still in the green. The drop by Bitcoin has successfully pulled down most cryptocurrencies, losing around 2% to 5%.
The recent inability by Bitcoin to rally and test $11,000 and the constant slip below $10,000 has become concerning to investors. Bitcoin bulls are lacking the momentum to see Bitcoin crossover $11,000 and they keep paying for it dearly. As investors abandon the leader for altcoins, which still hold a lot of potentials, Bitcoin loses in dominance and its higher positions.
What Are Analysts Saying?
Technical analyst Josh Rager is not breaking a sweat despite the recent drop. According to him, there’s nothing to worry about until $9400 breaks and closes. The analyst has illustrated this using the line chart which shows that the next key support is at $9,400. If this is tested, prices are likely to bounce above it.
Fortunately, the bulls seem to have found support well above this. The bounce above seen around the $9,600 position shows that the asset is still looking good and is unlikely to spiral further downwards.
At the time of press, Bitcoin has recovered to around $9,800 marking a more than 3% drop in the last 24 hours. The bulls will look to get prices back above the $10K psychological position with Bitcoin remaining vulnerable below this.
In the past, the $10K resistance has proven exasperating. With altcoins outperforming Bitcoin, this time could make it even harder for bulls to push and find a way back up.