Bitcoin Price Back Under $10K Closer to ‘Ideal Buy Zone,’ Says Trader

After the biggest cryptocurrency dropped $700 in minutes earlier today, the bearish movement continued as Bitcoin dipped below the $10,000 mark.

After failing to reclaim the $11,000 threshold yesterday, Bitcoin prices have dropped again to four figures.

At the time of publication, Bitcoin is trading at $9,983 – down 6.5% over the past 24 hours. Over the past seven days, Bitcoin is down about 4.3% after reaching an intra-week high of $10,929 on Aug. 19.

The latest drop below $10,000 is one of many that have occurred over the past 30 days, with Bitcoin hovering around this threshold since mid-August. In fact, this will potentially be the fifth time that BTC will test the critical support level at about $9,300 – a level that has proven resilient since mid-June.

Bitcoin first dropped to about $9,700 on Aug. 15. Although it reclaimed $10,000 later that day, it then slipped to about $9,800. Bitcoin trader Jacob Canfield calls the latest drop a “pretty classic rising wedge that hit resistance.”

However, Canfield doesn’t see BTC dropping lower than $8,900.

“First support zone didn’t hold up price at all”, he wrote on Twitter. “Ideal buy zone $8900-$9100 if we can get there.”

Despite prices struggling to stay above $10,000, Bitcoin fundamentals have been continuously improving. On Aug. 19, the Bitcoin network hash rate broke another record, hitting 82.5 trillion hashes per second. Bitcoin’s dominance has also been growing over the past month, reaching 69% at the time of publication, according to data from CoinMarketCap.

Bitcoin Hovers Around $10,130 as Altcoins Suffer Minor Losses

Ether (ETH) is holding onto its position as the largest altcoin by its market capitalization, which currently stands at $20.5 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $11.6 billion at press time.

On Aug. 24, most of the top 20 cryptocurrencies are suffering moderate losses on the day while Bitcoin hovers around the $10,130 mark.

Bitcoin price is currently down by 0.6% on the day, trading at around $10,130 at press time, according to Coin360.

Coin360 data shows that ETH’s value decreased by about 0.52% over the last 24 hours. At press time, ETH is trading at around $191. On the week, the coin has also gained about 3.24%.

XRP is down by about 0.43% over the last 24 hours and is currently trading at around $0.272. On the week, the coin is up about 4.21%.

Among the top 20 cryptocurrencies, the only ones reporting over half of a percent worth gains other than Bitcoin are Tezos (XTZ), which is up about 2.71%, IOTA (MIOTA), which is up about 1.62%, and Unus Sed Leo (LEO), which is up 0.56%.

At press time, the total market capitalization of all cryptocurrencies is $268.5billion, about 0.15% higher than this value was a week ago.

As Cointelegraph reported earlier today, representative Maxine Waters, chair of the U.S. House of Representatives’ Financial Services Committee, stated the organization will continue to review Facebook’s proposed cryptocurrency Libra and the corresponding digital wallet Calibra.

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