Bitcoin Price Fails to Hold $10,000 Over the Weekend
BTC went through an abbreviated spike-and-crash cycle over the weekend, drawing another “Bart Simpson” pattern within hours.
It’s becoming more difficult to boost the price of Bitcoin (BTC), and the $10,000 level is proving hard to defend. Over the weekend, BTC prices went through a boom-and-bust pattern, falling from the $10,000 tier to as low as $9,400 within hours.
The trading pattern, jokingly known as the “Bart Simpson”, this time developed within less than a day, as BTC prices climbed rapidly, spiking from the $9,800 range to above $10,000 on Saturday. Later, the coin slid just as fast.
BTC recovered some lost ground, to trade around $9,619.74. But the past few days are showing a slowdown of trading volumes. BTC now takes up 30% of all crypto trading activity, while Tether (USDT) is at the top, consistently carrying more than 33% of all trading.
Trading volumes are also down significantly, to around $14 billion’s equivalent in 24 hours, down by two thirds in comparison to peak trading activity in June. BTC is now on track to end the month with a significant net loss, not fulfilling the expectations that a successful June meant the price would continue to rise in July and August.
Instead, BTC seems headed for further corrections, as it has broken away from the parabolic trend and even flirted with turning bearish. BTC also sees worsened market sentiment:
https://twitter.com/CoinTechnician/status/1155594082791645184
The sentiment has been turned down to “extreme fear”, being the low point for the year. In 2019, BTC prices rose just enough to boost optimism in the first six months, but now BTC is at a crossroads again, and new yearly highs are under question. One potential factor that could boost BTC is the halving coming up in early 2020, which may cause a late-year rally.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.