The deadlock of the price of Bitcoin at USD 10K could be a “shake” before new spikes
The price of Bitcoin (BTC) was quoted below USD 10,000 on September 11 when the five-figure support for the cryptocurrency with the largest market share finally collapsed. According to CoinMarketCap, the capitalization of Bitcoin is USD 180 229 513 277.
The “shake” theory appears before Bitcoin ‘halving’
Coin360 data showed that BTC / USD suddenly fell from USD 10,200 late Tuesday, and subsequently placed a local low of USD 9,900 before a slight rebound.
At the close of this edition, on Wednesday, 09/11/2019, USD 10,000 was acting as a guide lane, Bitcoin immediately fluctuated above and below this barrier.
Forecasters broadly anticipated the new disadvantage, which generally agreed that support at higher levels was not strong enough to guarantee bullish behavior in the short term.
A consensus had been formed around a return to four figures before any type of market revival began.
In line with that theory, the usual commentator and Cointelegraph contributor, Crypto Michaël, said there was no cause for concern among Bitcoin investors.
“The general market still seems fresh to me,” he said in a new update. He added: “It’s pretty boring to get to the end of the pattern, but overall it’s fine.”
Collaborator Nick Cote suggested that the selling pressure could last until the Bitcoin block reward was halved in May 2020 by reducing market supply and also warned operators of short-term caution, particularly when the Bakkt platform Long-awaited is released later this month.
“Unpopular opinion: before having a jolt before ATH,” he wrote on Twitter today.
A possible source of containment in the short term was the blockade of the cryptocurrency exchange Binance made about the US users of its service, scheduled for Thursday. In line with regulatory demands, Binance is opening a segregated commercial environment for the US market.
The altcoins positioned in lateral movements
Meanwhile, the altcoins copied Bitcoin by losing 1-2% in USD terms in the last 24 hours.
Ether (ETH), the largest altcoin by market capitalization, fell 1.8% to USD 178, with similar behavior in the main altcoins tokens. Bitcoin SV (BSV) fared a bit worse, down 4.2%.
The altcoins had previously organized a modest recovery in terms of Bitcoin, progress that, however, faltered as the general sentiment turned to side trade.
The global capitalization of the cryptocurrency market was USD 259 billion on Wednesday, with the participation of Bitcoin at 69.6%.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.