(BlockBar) Bitcoin fell below the threshold of $10,000 for the second time this month, after the largest cryptocurrency cut the record of $13,700 on June 26. Bitcoin tried again to regain nearly $11,000 yesterday. As of press time, the main coin fell to $9,616 and fell 8.22% in the past 24 hours. In the past 7 days, the largest cryptocurrency fell more than 22%.
The fall cements a strong 28 percent retracement from this year’s high. Technical indicators show that the BTC may still have room to fall in the short term. However, in the long run, this could be one of the limited numbers of bitcoins below $10,000. The bears seem to control the market, forcing Bitcoin to return to psychological price barrier of $10k, but sales may not be over yet. Trader Josh Rager believes that selling pressure could force BTC to enter $8,000 before the BTC recovers.
“I’ll likely be looking to short any rally with my eyes set on low $9ks”.
Trader AlexKrüger said that although the selling pressure will continue, we would soon see the formation of the local bottom. He saw the oversold indicator on the 4-hour chart, which historically led to a bitcoin rebound.
At the same time, Bitcoin’s dominance in the encryption market continues to soar, setting a new high since April 2017. According to CoinMarketCap, the dominant position of Bitcoin has increased by about 0.5% in the past 24 hours, reaching 66.6% for the first time since mid-April 2019. Among the top 20 coins in the market capitalization, EOS has experienced the biggest loss in the past 24 hours, falling more than 17% at the time of publication and trading at $3.6.
At the hearing of the Facebook Libra cryptocurrency project with the US Senate Banking Committee, Bitcoin failed to receive $10,000 in support.
In the opening remarks of the hearing, Senator Sherrod Brown expressed concern about the potential threat of adopting a global cryptocurrency developed and controlled by Facebook, claiming that Facebook was “dangerous”. On the other hand, David Marcus, Facebook’s head of Calibra, warned that the digital currency is an opportunity for the United States. If the United States does not grasp it, it will be controlled by countries that may be contrary to the US value.
Weekend is the most representative female writer in the blockchain industry. She is known for her keen news capture ability and is good at English writing of blockchain news in the Chinese region.