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Bitcoin Falls Below $10,000, But Shouldn’t Drop Past $8,900 Says Popular Trader

Bitcoin

Today, Bitcoin dropped below the $10,000 marker, despite hopeful enthusiasts expecting it to break $11,000 over the past few days. According to CoinTelegraph, the asset fell $700 to hit below $10,000. Mind you, it stayed above $9,900, but still saw a 6.5% drop overall.

As you may know, Bitcoin has been sitting either closely above or below $10,000 for the past month. Though it has hardly dropped below $9,300, holding there since around June. August 15 is a good example of the trading price volatility, with the cryptocurrency hitting $9,700 on the 15th, hitting $10,000 later on, and then falling to $9,800 before day’s end. It’s all a “pretty classic rising wedge that hit resistance,” says Jacob Canfield, a Bitcoin trader, to the publication.

He considers the “ideal buy zone” for Bitcoin to be around $8,900 to $9,100 “if we can get there.” It shouldn’t drop below the $8,900 moniker, claims Canfield.

Interestingly, this news comes despite Bitcoin’s network improving in terms of scalability, security, and more. Thanks to improvements like SegWit, the Lightning Network, and more, the asset is failing to move significantly upward from where it has been sitting. That said, it did break a network hash rate record recently, reaching 82.5 trillion hashes a second. That, and it has always remained the largest asset regarding market cap.

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Max Moeller

Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend. LinkedIn: https://www.linkedin.com/in/maxwell-moeller-912044b4/