Bitcoin price takes a downward directional stride below $10,000. This steep fall has widely affected the rest of the crypto market as well and the major coins seem to plunge by a notable number. BTC price breaks major support around $10,000 and halts around $9,400, giving new weekly low. Now, $9300 and $9000 serve as the major support, making room for BTC to fall even further.
Well, this is not a trend but the volatility that adds to dull scenario.
But Bitcoin seems to have been broken by a substantial price this time. It is also mentioned by Peter Schiff in one of his tweets stating that this investment avenue may not serve as a safe and return giving investment refuge.
Bitcoin has again failed the safe haven test. On Friday, as escalating trade tensions sent global stock markets plunging, investors sought refuge in monetary safe havens. The Japanese yen, Swiss franc, and especially gold all moved higher. Yet Bitcoin plunged by more than stocks!
— Peter Schiff (@PeterSchiff) August 28, 2019
Against this the major investment avenues, Gold and Stocks have maintained their marginality.
The 1-day gold price movement looks considerably better than Bitcoin in current paradigm, but BTC price has always remained immortal to its lovers and loyalists.
BTC to USD Price Chart by TradingView:
The below Bitcoin price chart is a data feed from Coinbase as on 29th August at 07:19 UTC.
Tracing 15 mins movement of the BTC in past one day manifests, the steep fall from trading at $10,246.23 to $9522.93. This 7.05% steep fall below $10,000 is not supported by any of short-term moving averages. Price of Bitcoin today trades at $9511.00 and has breached all major support levels as well. This dip can further lead Bitcoin value to go below $9300 towards $9000 plotting a strong bearish trend and giving a new 30-day low price area.
The market cap figures of yesterday and today are shockingly very low giving major effect to the 24h volume of BTC. Yesterday the market cap ($174,627,460,400) fell by 4.22% as compared to the market cap value $182,325,540,955 dated 27th August. Today Bitcoin holds market cap figure at $169,986,498,283.
Bitcoin with this astonishing fall has slipped in the solid bear market but downtrend looks controllable depending on the below tweet.
$BTC 2019 vs 2018
10,000 = 6,400
9,500 = 6,000
9,080 = 5,750
Similarities end there.
— Alex Kruger (@krugermacro) August 28, 2019
This shows downward motion in the previous year and attained price marks thereupon in comparison to this year’s plunging figures.
But this becomes a matter of concern for the Bitcoin loyalists and whales to know that the current trading price is not supported by any of the short-term moving averages. And if the coin falls even further, BTC will find a company near 100-day EMA or if even lower than 200-day EMA.
The MACD and RSI rightly point out the bearish coverage below zero in the negative axis and below 30 respectively.