Bitcoin price slid back under $10,000 July 23 after a period of sideways action broke down to send the largest cryptocurrency back to four figures.
At press time, the price fluctuated within $50 of $10,000.
The latest downturn marks a repeat of the breakdown seen in Bitcoin last week, which resulted in a recent low of $9,125.
"Wanting to see a push back up to the neutral area or resistance. If not, more 4 digit BTC to accumulate," investor Josh Rager summarized in his latest daily price note noting the importance of the $10,200-$10,350 range.
As Cointelegraph reported, Bitcoin struggled in the wake of mixed views from the United States Congress last week, a geopolitical factor compounded Monday by fresh indications that India would seek to ban cryptocurrency altogether.
At the same time Bitcoin's network statistics continue to set new records, with mining difficulty, hash rate and total value of transaction outputs all hitting new daily all-time highs.
As Twitter user and Lightning Torch creator Hodlonaut noted, politics did not necessarily have a fairly-weighted impact on price action.
One Congressman, he noted, had described Bitcoin as impossible to stop by any government.
"9 days ago Bitcoin had not yet been called an 'unstoppable force' in the U.S. Congress. Still, price was almost 30% higher than now. Some dips are tastier than others," he wrote.
The total cryptocurrency market cap was $274 billion at press time, with Bitcoin's share remaining at 65.2%, a figure still almost at its highest since early 2017.Keep track of top crypto markets in real time here.
Bitcoin Price Clings to $10K But Now Below 'Neutral Area,' Says Trader
Published on Jul 23, 2019
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.