ADVERTISEMENT

Bitcoin price dips below $9,000, price expected to slip further

Must Read

Samsung SDS adds privacy blockchain solution to Nexledger

Samsung, a South Korean multinational conglomerate with various subsidiaries, serves a different purpose depending on the industry in which...

Iranian government increases power tariffs for cryptocurrency miners

According to local news agency IRIB News, the Iranian regulators have tightened the regulations on the cryptocurrency miners in...

PayPal stops payments for Pornhub Models. Is Bitcoin next for PornHub VR, App & PornHub Premium?

PayPal is an American Company that is operating worldwide as an online payment method, which would help for online...
Avatar
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

The price of the leading cryptocurrency dipped below $9,000 mark yesterday. Bitcoin is expected to dive down further as it lost the critical $9,000 support level. The price of bitcoin jumped from around $7,400 to above $9,500 later last month, and it managed to stay above $9,000 for nearly two weeks.

The price of the leading cryptocurrency lost the key support level as it dropped below the $9,000 mark. At the time of writing bitcoin is changing hands just above $8,800, which is $400 below from yesterday’s peak. Several analysts have predicted that the bitcoin is likely to dive down further.

 

Bitcoin pump finally over?

Prominent Gold advocate Peter Schiff tweeted that bitcoin pump is finally over and get ready for the dump. Schiff is a well-known critic of bitcoin. Replying to a comment, Schiff said that “bitcoin is never going to hit $100,000.

The price of the bitcoin started to decline after bitcoin broke below its 200-day moving average of $9,186 on Friday. Analysts also cited a lack of positive market drivers and speculation that the US FED might stop this year’s rate-cutting cycle, which could result in less demand for as a potential inflation hedge. This weekend will be crucial for bitcoin as bulls aim to re-establish $9,000 as key support.

 

Bitcoin price surged following Chinese President’s comments

Later last month, the price of the bitcoin rallied more than $2,000 after Chinese President Xi Jinping endorsed blockchain technology as he asked the country to assume the role of leadership in this field. Since then, the price of the leading cryptocurrency managed to stay above $9,000 mark for nearly two weeks.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

Samsung SDS adds privacy blockchain solution to Nexledger

Samsung, a South Korean multinational conglomerate with various subsidiaries, serves a different purpose depending on the industry in which...

More Articles Like This