Bear Grip Strengthens as Bitcoin Price Nears $10K

Having closed below key long-term moving average yesterday, bitcoin (BTC) prices looks set to explore sub-$10,000 levels.

Prices on CoinDesk’s Bitcoin Price Index fell to a low of $10,050.79 yesterday and dipped below $10,000 soon before publishing. At press time, BTC had bounced back to $10,150 levels. The cryptocurrency has depreciated by 11.70 percent in the last 24 hours, according to data source OnChainFX.

On Coinbase’s GDAX exchange, BTC hit a five-day low of $10,025 yesterday. The sell-off gathered pace after prices breached strong support at $11,000 (confluence of 100-day moving average (MA) and 61.8 percent Fibonacci retracement). Also, BTC closed (as per UTC) below the 100-day MA for the first time since July.

The dull response from bitcoin highlights the bearish undertone in the markets. The price chart analysis also favors a break further below $10,000 levels…

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