The Bitcoin price collapsed below $10,000 on Sunday night in yet another stormy weekend session for the world’s largest cryptocurrency. Bitcoin briefly hit $9909 on Coinbase, marking an 13 percent drop in 24 hours.
The fall cements a strong 28 percent retracement from this year’s high. Technical indicators suggest BTC may still have room to fall in the short-term. In the long-term, however, this may be one of the last times we ever see bitcoin below $10,000.
Said it once and will say it again
4 digit Bitcoin is a gift
Whether it hits $9ks or even $8ks
— Josh Rager 📈 (@Josh_Rager) July 15, 2019
Bitcoin price could still fall below $9,000
The bears appear to have taken control of the market, forcing bitcoin back below the psychological price barrier of $10k. But the selling might not be over yet. Trader Josh Rager believes the selling pressure could force BTC into the $8,000s before it recovers. In his Telegram channel, he said he was now looking to enter short positions.
“I’ll likely be looking to short any rally with my eyes set on low $9ks”
Bitcoin price oversold?
Although selling pressure will continue, we could see a local bottom forming soon, according to trader Alex Krüger. He sees oversold indicators on the 4-hour chart, which historically results in a bounce upwards for bitcoin.
“In the last 365 days it has triggered 9 times and has always marked a local bottom (not counting cases in which signals fired consecutively).”
As Kruger points out, historical performance doesn’t guarantee the future, and the oversold indicators are not yet flashing on the shorter-term charts.