Bitcoin price drops to $9,600: “A clear break in the trend”
Sep 24, 2019
After a period of stagnation, the bitcoin price has now dropped below $10,000.
The highest price in the last seven days was on Thursday when it peaked at $10,380.
Since then, it has dropped slowly, reaching as low as $9,600 on Tuesday, according to numbers from Bitstamp.
This is a drop of 7.5 percent since last week.
“The most interesting thing right now is that the price has moved down below the area where we have been trading since the beginning of the summer. What that means, on the other hand, is harder to say, but it is a clear break in the trend”, says crypto expert Totte Löfström to Trijo News.
Market cap is decreasing
Since last week, bitcoin’s total market cap has dropped from $184 billion to $174 billion – a decrease of $10 billion.
The world’s biggest cryptocurrency currently accounts for 68.5 percent of the total market cap of all cryptocurrencies, according to Coinmarketcap.
Might break out
For a long time, bitcoin has been traded in a so-called falling triangle, which has led some experts to believe that the price will break out – in either direction.
However, if what we see now is the beginning of a breakout or something else is difficult to say at this time.
“I guess, however, that the downturns of recent days are considered normal, which in the long run would mean that we could soon see a weak rise to around $10,000”, Totte Löfström says to Trijo News.