Will Bitcoin Fall Below $10,000?

According to push data, Bitcoin, the cryptocurrency with the largest market value, has ushered in a sharp drop. Some analysts believe that Bitcoin may continue to fall below $10,000.

Before this week, the price of Bitcoin had been rising steadily for a long time, and once broke through $12,000 to set a high in the past year. However, after entering this week, Bitcoin fell sharply for two consecutive days, falling below $11,000.

USDT accounts for about 62.70% of Bitcoin transactions: Jinse Finance News, according to cryptocompare data, the current Bitcoin transactions are ranked according to the transaction currency, and USDT is ranked first, accounting for 62.70%; ranked second It is the Japanese yen, accounting for 14.86%; the third is the US dollar, accounting for 10.66%; the fourth is the Korean won, accounting for 3.48%; the fifth is BUSD, accounting for 2.28% %. [2020/8/16]

Just this Tuesday, the crypto analyst Trading Shot on Twitter stated that the current price of Bitcoin is inflated due to the high-selling behavior in the crypto market. Previously, large institutional investors or Bitcoin whales invested a lot of money in the market, just to drive up the price of Bitcoin before selling. He also pointed out that Bitcoin has now come out of the bearish pattern of the head and shoulders, which is an unfavorable signal.

Huobi’s Bitcoin K-line chart has been abnormal for more than half an hour: Jinse Finance reported that Huobi’s Bitcoin K-line chart has been abnormal for more than half an hour since 1:30, and has returned to normal at 2:06. [2020/3/5]

Trading View analyst Wyckoff Mode explained that Bitcoin is facing huge downward pressure, and if it cannot get effective support at the support level below, Bitcoin may collapse.

At present, Bitcoin is forming support above $10,500. Since this price was a very strong resistance level before, it can form a strong support. If it falls below this price, Bitcoin may indeed drop further.

Voger Ver: Bitcoin Cash Payments Will Enter Tens of Thousands of Japanese Convenience Stores: Voger Ver stated in an interview with Corbin Fraser that Bitcoin Cash payments will be brought to tens of thousands of convenience stores in Japan. He said: "I can't talk about it publicly because we just finished our meeting last week. Bitcoin cash payments are entering tens of thousands of Japanese convenience stores, which means you can use BCH to buy cash at convenience stores." to any commodity, including paying your electricity bill.” It is understood that in the past 24 hours, Bitcoin Cash rose by more than 11% [2018/6/4]

It should be noted that the U.S. stock market also ushered in a large-scale sell-off. Led by technology stocks, the three major stock indexes all fell sharply.

John Todaro, director of institutional research at cryptocurrency analysis firm TradeBlock, said, "There may be overlap between the stock seller and the digital currency seller. Tesla and technology stocks such as Facebook, Amazon, Apple, Netflix and Google parent company Alphabet fell on the stock market. That could put more pressure on digital currencies."

On the other hand, the DeFi craze is approaching its apex. In the past two days, Ethereum, the second-largest cryptocurrency by market capitalization, has fallen by 7.6% and 8.3% respectively. Data from the DeFi Pulse website shows that the total value of locked assets in DeFi reached $9.5 billion in August, but that figure has shrunk to $9.1 billion in the past few days.

Some people in the industry, including Ethereum co-founder Vitalik Buterin, believe that there are more bubbles in the DeFi and liquidity mining fields, and some capital may be looking for opportunities to leave.

Additionally, blockchain data showed an increase in the number of bitcoins being transferred to exchange wallets, which is often considered a precursor to increased selling pressure in the market.

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