Crypto Markets Shed Over $12 Billion As Bitcoin Slips Below $10,000

Crypto Market Bears Wipe Out $13 Billion As Bitcoin Plummets Below $10,000

Bitcoin has slipped below $10,000, again. This has become an all too common event for the cryptocurrency king. In the latest move, the asset has fallen from the $10,200 range to test the $9,600 support.

This position marked an 18-day low. Additionally, by wiping out around $500 in minutes, the drop has seen volatility re-emerge after it fell to a three month low. This comes at a time when altcoins are performing exceptionally with some like Stellar XLM rallying by more than 25%.

However, Stellar is the only asset in the top ten cryptocurrencies that is still in the green. The drop by Bitcoin has successfully pulled down most cryptocurrencies, losing around 2% to 5%.

The recent inability by Bitcoin to rally and test $11,000 and the constant slip below $10,000 has become concerning to investors. Bitcoin bulls are lacking the momentum to see Bitcoin crossover $11,000 and they keep paying for it dearly. As investors abandon the leader for altcoins, which still hold a lot of potentials, Bitcoin loses in dominance and its higher positions.

What Are Analysts Saying?

Technical analyst Josh Rager is not breaking a sweat despite the recent drop. According to him, there’s nothing to worry about until $9400 breaks and closes. The analyst has illustrated this using the line chart which shows that the next key support is at $9,400. If this is tested, prices are likely to bounce above it.

Bitcoin Slips Below $10k, Heads For $9,500, Have The Bulls Given Up On The King?
BTCUSD Chart By TradingView

Fortunately, the bulls seem to have found support well above this. The bounce above seen around the $9,600 position shows that the asset is still looking good and is unlikely to spiral further downwards.

At the time of press, Bitcoin has recovered to around $9,800 marking a more than 3% drop in the last 24 hours. The bulls will look to get prices back above the $10K psychological position with Bitcoin remaining vulnerable below this.

In the past, the $10K resistance has proven exasperating. With altcoins outperforming Bitcoin, this time could make it even harder for bulls to push and find a way back up.

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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.