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.