Bitcoin (BTC) prices have tumbled this week, falling below $10,000 for the first time since July. The cryptocurrency has shed 26% of its value over the past 24 hours, according to data from Coin360.
Bitcoin (BTC) dipped below the critical $10,000 barrier for the first time since July. A week ago bitcoin was trading at more than $11,000 but has since fallen by 15%. The cryptocurrency’s total market cap is now down to $130 billion.
The selling pressure seen over the past few days could be attributed to several factors including fears of increased regulation and bans in some countries like Venezuela and India as well as uncertainty surrounding Bitcoin Cash’s hard fork scheduled for November 15.
However, there are still reasons to be bullish about BTC/USD over the long term and there are plenty of positive developments taking place in the cryptocurrency space that could push prices higher once again.
The range in which BTC has been trading over the past few days is between $10,100 and $10,800, according to Cointelegraph’s own analysis.
BTC Looks Vulnerable
The bottommost point of this range was struck on Thursday when BTC fell to a low of $9,700 before rebounding back towards its current price.
The topmost limit of the range is currently seen at approximately $11,500 — meaning that there is plenty of room for upward movement before we see any kind of significant resistance (at least in terms of technical indicators). This suggests that if bitcoin breaks out from this triangle pattern then it could see strong move up in either direction.
If you’re a trader or investor, it’s important to know the different scenarios that can play out for your favorite coins. We’ve talked about the descending triangle pattern a couple of times in the past, but we thought it might be helpful to go over the bearish scenario this time around.
The descending triangle (which looks like an upside down triangle) is one of many bullish chart patterns that traders can use to make decisions on entering and exiting trades. This pattern is made up of converging trend lines where price will either continue to move higher or lower depending on how long it takes for these trend lines to meet in what is known as a breakout or breakdown trade respectively.
In this case, BTCUSD has been trading within this pattern since May and broke out yesterday at $11,000 – which then retraced back into the range again before continuing higher today with another breakout above previous resistance levels near $10,800 before making its first dip back down into our target zone at $10600–$10400 where we are currently trading at around 10400 mark now after being rejected from breaking above 10800 level once again today mid-morning just hours after hitting new highs yesterday evening/night as well..
