Growing worries among analysts over the falling of BTC below $10K

Bitcoin has concerned the analysts by dropping to $11K last week after touch $12K for a few seconds.

Share

We are observing really harsh times for Bitcoin and its hodlers. After peaking at $12,000 for only a few seconds, BTC stepped into the bearish territory and gradually falling below $11K last week (roughly 10,800) and this drop was, even more, severe today ($500).

It’s worrisome for the future of crypto when the world’s number one crypto by market cap experiences a sharp decrease. If it drops beneath $10K, the viscous bearish trend may last forever or takes ages to stop according to analysts.

As Joe DiPasquale puts it, we should keep Bitcoin price above 10K if we wish to avoid a long bearish trend. The manager of Bit Bull Capital believes the last defense zone for BTC is from 10K to 10.5K if we wish to keep the bearish trend at bay.

Among this disappointing news, there’s a bit of good news and that says the bitcoin price drop might have been due to bitcoin futures’ open trading gap via CME Group in Chicago. Such open trading gaps would cut an asset’s price a little down approximately around 90% of the time.

Categories

Cryptocurrency(5)

Latest News

NFT and NFC tech to combine in digital postage stamps

The Austrian post intends to integrate near-field communication to its non-fungible token postage stamps. ...

MAY 27, 2021

SDK is Polygon’s new tool to deploy Ethereum-compatible standalone chains

To empower themselves to build Ethereum-compatible standalone chains and layer-two protocols, the Polygon team is going to launch SDK or software development ki ...

MAY 26, 2021

Whales accumulate 122.5K BTC while crypto market is a bloodbath

Last week, the market experienced a collapse and the whole market suffered except for some big holders who bought the dip and added 122.5K BTC to their portfoli ...

MAY 23, 2021

Bitcoin mining yields in Iran may exceed $1B annually

Bitcoin has turned into a way of bypassing the oil sanction by the Iranian government and a payment method for their imports. ...

MAY 21, 2021

Tags

Bitcoin

Bear Market

Tags

Bitcoin

Bear Market