$11k Proves Hard For Bitcoin Bulls As Price Drops Below $10,500, Again

$11k Proves Hard For Bitcoin Bulls As Price Drops Below $10,500, Again

Friday, September 6, 2019, saw Bitcoin, the top cryptocurrency by market cap trudging on in a bid to break the $11,000 price level, again. However, the cryptocurrency dumped by over $500 within a few hours. As such, the joy of the moment was short-lived, which has left a bearish sentiment in the crypto community.

Bitcoin Down by 3.43% After Attempting to Test $11,000 

As at press time, Bitcoin is priced at $10,427, and down by 3.4% within the past 24 hours. CoinGecko’s 1-day chart for Bitcoin shows that the virtual currency was trading at $10,574 on Friday before it surged to the day high of $10,898.

While the spike may have caused a wave of excitement in the community that Bitcoin could revisit $11,000 soon, there was a huge correction in the market. The latter is a result of a dump in Bitcoin’s price within a few hours. On Friday, Bitcoin which was trading around $10,850 at 18:34 UTC +01:00 dumped to $10,296 at 21:39 UTC +01:00.

Dump in Bitcoin Market Leaves Other Top Crypto Assets in Red

And as would be expected, the $554 loss in Bitcoin’s price was enough to leave most of the top cryptocurrencies by market cap, in red. Ethereum, for instance, whose high on Friday was $177.72, is down by 1.39% judging from its $173.73 price, as at press time. Ripple (XRP), Bitcoin Cash, and Litecoin are also down by 0.16%, 1.94%, and 2.94%, respectively.

Market HeatMap
Crypto Market HeatMap By Coin360

On the other hand, the $11,000 price level held a lot of significance to several members of the crypto space. Some analysts had opined that if Bitcoin could surge to $11,500, then it would kickstart another bull run. However, if it fails to do so, then the crypto-asset could tank below $8,000.


Analyst: Bitcoin Will Present a Generational Buying Opportunity

Other members of the space have outrightly stated that Bitcoin is not ready for a bull run now. For instance, Brian Kelly, CEO of crypto investment firm BKCM on August 22, 2019, said the fundamentals did not support Bitcoin’s spike to its year-to-date high of $13,796. In the short term, Bitcoin could dump significantly to present a generational buying opportunity, he added.

In the same vein, Jonny Moe, a crypto analyst on September 3, 2019, remarked that Bitcoin has been consolidating sideways for the past two months. As such, he believes the crypto asset will dump to $6,000 soon.

Jonny Moe, however, noted that if Bitcoin revisits $11,500 and there is an upward break of the descending triangle consolidation, then the asset could perform contrary to his prediction.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.