Home Coins Bitcoin (BTC) Bitcoin price dips below $10K as analyst eyes ‘dead cat bounce’

Bitcoin price dips below $10K as analyst eyes ‘dead cat bounce’

Bitcoin (BTC) fell below $10,000 on Sep. 4 as selling pressure combined with strength in the U.S. dollar to spark more pain for hodlers.

Cryptocurrency market daily snapshot, Sep. 5

Cryptocurrency market daily snapshot, Sep. 4. Source: Coin360

BTC price triggers bulls with $9,900 bounce

Data from Coin360 and Cointelegraph Markets showed BTC/USD hit four figures during Friday trading, capping 24-hour losses of over 10%.

The largest cryptocurrency had attempted to reclaim $10,500 on the day, before capitulating to lose five figures for the first time since late July.

The move down comes amid renewed bullish signs in the U.S. dollar currency index (DXY), with which Bitcoin had shown increasing inverse correlation in August.

At press time, volatility was noticeable as BTC/USD fluctuated around the $10,000 mark. A rebound took the pair to $10,400 minutes after the dive to lows of $9,900.

BTC/USD 1-day price chart

BTC/USD 1-day price chart. Source: Coin360

Analyst eyes bottom formation and new “altseason”

For Cointelegraph Markets analyst Michaël van de Poppe, there was a keen interest in establishing bottom support — something which would likely occur at the outstanding Bitcoin futures gap of $9,700.

“If we want to establish a bottom formation, I’d say we need to test the low or clearly construct a strong support,” he tweeted

“In that regard, dead cat bounce towards high $10K’s, which then ends up with another dropdown to establish that support.” 

Van de Poppe added that weakness in Bitcoin could thereafter spark fresh gains for altcoins. Bitcoin’s market cap share stood at 57% on Friday, its lowest since June 2019.

Keep track of top crypto markets in real time here



First published here

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
473FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,578FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.17
GBP
1.29
CHF
1.09
NOK
0.11
JPY
0.01
CAD
0.75
AUD
0.71

Most Popular

Cardano, Monero, Algorand Price Analysis: 29 September

Cardano showed a bearish divergence on the charts that played out in the near-term and saw the price drop toward $0.1 once more....

US Senate Candidate Lummis Is a Hodler, Sees Bitcoin as Alternative Store of Value to US Dollar

US Senate candidate Cynthia Lummis is pro-bitcoin. She bought her first bitcoin during her time in Congress. Now she calls herself a...

Coinbase and Y Combinator-backed startup Multis raises $2.2 million in seed round

Business banking startup Multis has raised $2.2 million in its seed round with investors including White Star Capital, Y Combinator and Coinbase Ventures.  The...

Congress weighs crypto payments and fintech lending in hearing today

In a hearing on Tuesday, the Congressional Fintech Task Force heard arguments on new rules that would potentially expand banking regulations to accommodate more...
bitcoin
Bitcoin (BTC) $ 10,769.07
ethereum
Ethereum (ETH) $ 357.72
ripple
XRP (XRP) $ 0.241920
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 227.72
bitcoin-cash-sv
Bitcoin SV (BSV) $ 170.79
litecoin
Litecoin (LTC) $ 45.55
eos
EOS (EOS) $ 2.59
binancecoin
Binance Coin (BNB) $ 28.89
okb
OKB (OKB) $ 6.10
tezos
Tezos (XTZ) $ 2.21
leo-token
LEO Token (LEO) $ 1.26
cardano
Cardano (ADA) $ 0.100713
monero
Monero (XMR) $ 99.92
stellar
Stellar (XLM) $ 0.073201
chainlink
Chainlink (LINK) $ 9.85
huobi-token
Huobi Token (HT) $ 4.63
tron
TRON (TRX) $ 0.026113
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 68.28
neo
NEO (NEO) $ 19.61
iota
IOTA (MIOTA) $ 0.273939
nem
NEM (XEM) $ 0.118551
zcash
Zcash (ZEC) $ 60.64
maker
Maker (MKR) $ 518.80
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 5.39
vechain
VeChain (VET) $ 0.013042
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 3.66
kucoin-shares
KuCoin Shares (KCS) $ 0.882511
waves
Waves (WAVES) $ 2.44