Tue, 07/16/2019 - 16:53

Crypto Crash: Bitcoin Price Tumbles Below $10,000, Again

The Bitcoin price struggles to recover as an overwhelmingly bearish sentiment takes over the market

The price of Bitcoin has just dropped below the psychologically important mark of $10,000 on numerous exchanges, including Coinbase and Binance.

Notably, the top cryptocurrency has shed almost $500 right after the Senate hearing on Facebook’s Libra cryptocurrency.

image by binance.com

The sudden pullback was expected since Bitcoin’s MACD histogram, which is considered to be one of the most accurate trend reversal indicators, turned bearish for the first time this year.

However, there is a silver lining. As cryptocurrency trader Josh Rager points out, the drop took place right at the start of the four-hour candle, which gives the bulls plenty of time to make a loud comeback.

$BTC - The bad news & good news

Bad news: BTC just dumped to $10,100 now & if it closes under $10,191 on the 4hr, it's likely BTC forms a lower low (bearish)

Good news: this happened immediately at the start of the 4 hr candle, so we have a few hours until close to push back up pic.twitter.com/S3psmAVMO0
— Josh Rager 📈 (@Josh_Rager) July 16, 2019

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Alex Dovbnya

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.