Bitcoin Price Must Hold $9.7K or Risk New 5-Month Low, Says Analyst

Bitcoin price fell below $9,700 on Sept. 24 as bears continued to dictate market performance and limit gains.

Data from Coin360 painted a gloomy picture for Bitcoin investors on Tuesday, with BTC/USD bouncing off lows of $9,630 to hover closer to $9,750 at press time.

Bitcoin's drop below $9,800 was the latest in a slow grind downwards, which began at the start of September.

Highs for the month currently sit at $10,900, while quarterly losses total 23%.Bitcoin seven-day price chart.

For regular trader and Cointelegraph contributor Crypto Michaël, the next Bitcoin price zone to watch lies immediately below current trading levels.

The launch of Bakkt's Bitcoin futures did not have the catalyzing effect many had hoped for, while 50% of open interest in Bitcoin options is set to expire on Sept. 27.

Such expiration points have historically exerted a negative strain on Bitcoin price.

A worse picture came from altcoin markets, which lost out considerably as Bitcoin fell.

Commenting on the overall landscape, the Twitter analyst PlanB suggested altcoins were on a longer-term path back to subservience to Bitcoin.

The overall cryptocurrency market cap stood at $256 billion at press time, with Bitcoin's share at 68.5%.Keep track of top crypto markets in real time here.