It appears that the bulls driving the flagship crypto-asset upward lately have now run out of gas. Bitcoin prices plunged by more than 10%, approaching the $10,000 level, owing to heavy losses suffered in the present cryptocurrency markets. The crypto lost $1,000 in a matter of few hours, falling under $11,000.
Also, it should be noted that the U.S. stock market posted its biggest sell-offs since June, after leading stocks like Apple, Tesla, Google retreated from all-time highs.
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At the time this report was written, Bitcoin was trading at around $10,241.38 with a daily trading volume of $50.4 billion. The flagship crypto is down -10.2% in the last 24 hours. It has a circulating supply of 18 million coins and a max supply of 21 million coins.
That said, the last defense for Bitcoin Bulls is between the $10,000 and $10,500 price levels. It’s extremely important to note that any breach below the $10,000 price level could send the price of Bitcoin tanking to the $8,000 price support level.
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Should you buy? Although it’s more likely that some Bitcoin whales increase their purchases when prices drop to these levels, Nairametrics, envisages cautious buying, as the volatility in this fast-changing market, could lead to a significant loss of capital.
However, if things get really terrible, Nairametrics believes this could be another chance to buy bitcoin below $10,000.
According to popular crypto trader Plan B, this is just a small bitcoin test to shake out weak the hands that entered May-Aug.
Small #bitcoin test to shake out weak hands that entered May-Aug. If you can’t handle this, get out now. If you can, welcome to the club! Things to watch:
– will this be the first dip that stays above $10K
– will we see a fast V-shape recovery next days pic.twitter.com/sOh6VuD3J9
— PlanB (@100trillionUSD) September 3, 2020