Bitcoin Price Clings to $10,000 with Latest Rally
So far, the leading coin finds support, performing one of its rapid jumps back above the $10,000 level.
Bitcoin (BTC) is not giving up, once again jumping above the $10,000 tier. The leading coin managed to cling to $10,084.48, up around 3.9% in the past day. The climb happened on relatively low volumes, allowing traders to bid upward for the coin.
The current BTC behavior continues to diverge from the parabolic trend established in June, so far stagnating around $10,000. BTC has found support in the growing supply of Tether (USDT), but a breakout above the yearly peak is still not happening.
What is more, the BTC market dominance is starting to slip, going down to 64.7%, as altcoins show improved price positions. The USDT influence now no longer supports BTC alone, but there are robust inflows into altcoins.
BTC prices went through a clear trend with optimistic moods returning in the first half of the year. But now, the crypto sector is at a crossroads again, especially as US regulators are taking a more hawkish stance against digital assets.
BTC has also lost positions in terms of trading - it is no longer the leading coin to produce base pairs. More and more base pairs are built against USDT, but also newer stablecoins and the native coins on exchanges. BTC takes up around 29% of all crypto activity, while the USDT share of all trading is around 32.9%.
Despite the successful growth in June, where BTC added more than 30% to its price, there is no guarantee the coming months would be successful.
Other explanations for the BTC rally include the influence of increased USDT supply and volume, as well as a return of optimism. The new BTC rally was also boosted by peak trading on international exchanges, on the verge of excluding US-based activity. Binance, one of the leading exchanges, is also at the top for BTC activity.
But the price drops for BTC are ominous, and worst-case scenarios of a breakdown under $9,000 see the leading coin slide further, to its past range around $6,000.