Here is Why Bitcoin Price is likely to Fall Below $10,000

Bitcoin price (BTCUSD) is in its consolidation phase a few days after it dropped from above $11,942 to under $10,000. The currency is actually trading at $10,422, which is the same range it was last week. Other digital currencies are also somewhat less, with Ethereum and Ripple selling price slipping by over one %.

Bitcoin price is actually little changed today even after reports emerged that Bitcoin miners were marketing their coins at a faster speed. Which has helped force the purchase price lower in the past couple of days. Based on On-Chain, more miners have been marketing big blocks of the currency recently. In the same way, another article by Glassnode claimed that the inflow of miners to exchanges had risen to the highest amount in five months.

This dumping of BTC by miners is possibly due to profit taking after the cost rose to a high of $12,492. It is additionally possibly because miners are actually worried about the upcoming price of the digital currency.

Meanwhile, Bitcoin cost is consolidating as the US dollar happens to gain against main currencies. Last week, the dollar index closed greater for the second consecutive week. This strength occurred when the currency strengthened against key currencies, like the euro and the British pound. A stronger dollar tends to push the cost of Bitcoin less.

Bitcoin rate complex perspective The day chart shows that Bitcoin price reached a year-to-date high of $12,492 on August 17th. Since then, the purchase price has been decreasing and on September 5th, it climbed to a low of $9760. The cost has been consolidating since that moment and it is currently trading from $10,422.

The 25 day and 50 day exponential moving averages have created a bearish crossover. At the same period, the price has created what appears to be a bearish pennant pattern that is actually displayed in purple. It is also on the 23.6 % Fibonacci retracement amount.

Therefore, this development appears to be aiming towards a much more pullback. If it occurs, the price is actually apt to continue slipping as bears target moves below the support during $10,000. On the various other hand, a maneuver above $11,000 will invalidate this movement because it’ll mean that there’s still an appetite for the currency.