Bitcoin price drops below $10,000 while analyst projects a „technical bounce
The price of Bitcoin (BTC) fell below USD 10,000 on September 4, as selling pressure combined with the strength of the US dollar to cause more pain for hodlers.
BTC price triggers bullish momentum with a rebound of USD 9,900
Data from Coin360 and Cointelegraph Markets showed that the BTC/USD reached four figures during Friday’s trading, limiting 24 hour losses to over 10%.
The largest cryptomoney had attempted to recover USD 10,500 on the day, before capitulating and losing five figures for the first time since late July.
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The downward movement occurs amid renewed upward signs in the US dollar currency index (DXY), with which Bitcoin had shown a growing inverse correlation in August.
At the close of this edition, the volatility was noticeable as the BTC/USD was fluctuating around the USD 10,000 mark. A rebound led the pair to USD 10,400 minutes after falling to a low of USD 9,900.
The analyst observes the formation of the floor and a new „alternative season
For Cointelegraph Markets analyst Michaël van de Poppe, there was a strong interest in establishing lower support, something that would probably occur in the pending Bitcoin Lifestyle futures gap of USD 9,700.
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„If we want to establish a floor formation, I would say we need to test the minimum or clearly build a strong support,“ he tweeted.
„In that sense, the technical bounce to the 10K peak, which then ends up with another drop-down menu to establish that support“.
Van de Poppe added that the weakness in Bitcoin could generate new gains for the altcoins. Bitcoin’s market capitalization share stood at 57% on Friday, its lowest level since June 2019.