Bitcoin (BTC) Abandons Bullish Trend with Slide Under $10,000
Bitcoin (BTC) market prices slid again, abandoning the bullish trend, with another crash under $10,000.
Bitcoin (BTC) has hovered mostly sideways in the past few weeks, moving away from the previous bullish trend. Now, BTC is still searching for a direction, with mixed predictions seeing either another rapid climb, or a slide to lower valuations.
BTC trades on relatively lower volumes of $17 billion’s equivalent, of which around 65% belong to the pairings with Tether (USDT). BTC activity is still widely distributed on Asian exchanges, where stablecoins have significant influence.
The BTC price rally stopped around the time new USDT minting slowed down, for a total supply of 4.043 billion coins. Currently, Tether is in the process of switching to the Ethereum network, and new mintings have stopped.
The most recent BTC slide affected altcoins even more, extending their previous slide. This time, altcoins are not rallying when BTC shows weakness, as 2019 turned out to lack an altcoin season and has led to an altcoin bear market.
The $10,000 levels for BTC is seen as one of the important supports, possibly allowing for a new spike. So far, BTC has managed to recover from the recent $9,500 low, going as high as $10,700, but the climb was cut short.
The BTC price slide arrived after recent hawkish news from US-based regulators. BTC remains one of the most widely used assets for dark markets and ransomware. Additionally, the US Securities and Exchange Commission keeps investigating ICO projects, limiting the perceived freedom of crypto assets.
The other reason for the BTC slide may be the ongoing selling pressure from Plus Token, the scam that ran in China and Korea in the past months. Plus Token wallets were found sending tranches of 50 to 100 BTC to exchanges on a daily basis, potentially depressing prices. The Plus Token scam allegedly drew in BTC and investments reaching as much as $2.9 billion.