After the biggest cryptocurrency rapidly dropped $700 in minutes earlier today, the bearish movement continued as Bitcoin dipped below $10,000 price mark.
Market visualization | Source: Coin360
At press time, Bitcoin is trading at $9,983, down 6.5% over the past 24 hours. Over the past 7 days, Bitcoin is down around 4.3% percent after reaching an intra-week high of $10,929 on Aug. 19.
Bitcoin 7-day price chart | Source: Coin360
The latest drop below $10,000 level was one of the many that occurred over the past 30 days as Bitcoin was hovering around the threshold since mid-August. In fact, this will potentially be the fifth time BTC will test the critical support level at around $9,300 that has proven resilient since mid-June.
Bitcoin first dropped to around $9,700 on Aug. 15 and then slipped to about $9,800 after reclaiming $10,000 again on the same day. Bitcoin trader Jacob Canfield calls the latest drop under $10K a “pretty classic rising wedge that hit resistance.”
However, Canfield doesn’t see BTC dropping lower than $8,900.
“First support zone didn’t hold up price at all,” he wrote on Twitter. “Ideal buy zone $8900-$9100 if we can get there.”
But despite price struggling to hold above the $10,000 mark, Bitcoin fundamentals have been continuously improving. On Aug. 19, the Bitcoin network hash rate broke another record, hitting 82.5 TH/s. Moreover, Bitcoin’s dominance on the market has been growing over the past month, up from 65.2% to 69% at press time, according to data from CoinMarketCap.