Here is Why Bitcoin Price is likely to Fall Below $10,000

Bitcoin price (BTCUSD) is actually in its consolidation phase a couple of days after it dropped from above $11,942 to under $10,000. The currency is trading at $10,422, and that is the same range it had been last week. Other digital currencies are also somewhat lower, with Ethereum as well as Ripple price slipping by at least 1 %.

Bitcoin price is actually little changed today even after reports emerged that Bitcoin miners had been marketing the coins of theirs at a faster speed. That has helped force the purchase price smaller in the past few days. Based on On Chain, more miners have been promoting large blocks of the currency not too long ago. Likewise, another report by Glassnode claimed that the inflow of miners to switches had risen to the maximum level in five months.

This throwing of BTC by miners is possibly due to profit taking after the price rose to a high of $12,492. It’s also possibly because miners are actually concerned about the future cost of the digital currency.

Meanwhile, Bitcoin price tag is consolidating as the US dollar begins to get against key currencies. Last week, the dollar index closed greater for the second consecutive week. This power took place when the currency strengthened against main currencies, which includes the euro and the British pound. A much stronger dollar is likely to force the price tag of Bitcoin less.

Bitcoin price complex view The daily chart shows that Bitcoin price reached a year-to-date high of $12,492 on August 17th. Since that time, the cost has been decreasing and on September 5th, it climbed to a low of $9760. The purchase price has been consolidating since that time and it is currently trading at $10,422.

The 25-day and also 50 day exponential moving averages have established a bearish crossover. At exactly the same time, the purchase price has formed what seems to be a bearish pennant pattern which is actually revealed in purple. It is also along the 23.6 % Fibonacci retracement level.

Thus, this specific formation seems to be pointing towards a much more pullback. If it happens, the price tag is actually likely to keep on falling as bears target moves beneath the help during $10,000. On the other hand, a move above $11,000 will invalidate this pattern since it will mean that there is now an appetite for the currency.