- Bitcoin faces another rejection at $10k
- BTC plunges below the $9,500 support after rejection at $10k
- Bitcoin might plunge by 40% soon due to historical precedent
Bitcoin News Today – Bitcoin (BTC) recently experienced a little drawback that pushed its price below the major $9,500 support mark. The sharp decline was not expected and it came after the digital currency was rejected around the $10k region again. Bitcoin is currently showing some signs of weakness as it finds it hard to amass upwards traction.
However, analysts are saying that buyers showed up and defended the lower boundary of a bullish technical formation. It is worth noting that the macro support of Bitcoin is a little bit below its present price level. One crypto analyst said that a movement to these low is imminent. The analyst said that historical precedent supports this potential path forward.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Shows Signs of Weakness after Breaking Below $9,500
At press time, the world’s most dominant digital currency is down by about 4 percent, bringing BTC to USD price to $9,450. For the past couple of hours, Bitcoin has been fluctuating around that price range. The digital currency even plunged to the low of $9k on some major crypto exchanges. If the digital currency is able to hold gains over this level in the coming days and weeks, chances are it might start a major upside move.
This price range also corresponds to the lower boundary of the long-held range that the digital currency has been trading in over the past couple of weeks. This range’s upper boundary is close to the $9,900. A strong defense of this support could pave the way for more gains in the near term.
Commenting on this technical formation, one digital currency analyst said that the latest price plunge is not significant. He said:
“This is not ‘the big move’. Nothing significant happened. We are still stuck inside this big consolidation range.”
History Shows Bitcoin Might Plunge another 40%
Another pseudonymous crypto analyst said that he believes the price of Bitcoin might plunge by 40 percent in the short-term due to historical precedent. The analysts said:
“BTC. I have been seeing more and more comments saying BTC going down to support is unlikely because that would be too big a drop. That is not how Bitcoin works. Retraces are short and vicious. Crashes even more so. 40% down is not unlikely, it’s happened before, it’ll happen again.”
He also released a chart that shows that these types of downtrends can come about during the macro-uptrend. It also shows that they are a natural part of the historical price action of the digital currency.