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.
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.
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
