Bitcoin Price Drops Under $10,000 as Downtrend Continues
Bitcoin price broke under $10,000 earlier this morning as the short-term market trend remains bearish.
Monday, July 1 — Bitcoin (BTC) lost its grip on the $11,000 price mark earlier today to sink below $10,000 at press time. The leading cryptocurrency has pulled other top-20 coins down, with none of them reporting gains, according to data from Coin360.
As Cointelegraph reported earlier, market analysts were expecting a 40% correction from the recent highs of around $13,900. The current price of bitcoin means that this target is now nearly reached.
“$9715 will be the 30% correction for BTC,” commented popular trader Josh Rager this morning. He added that a four-digit price is now a “gift” in the short-term as the overall long-term trend remains bullish.
Market visualization courtesy of Coin360
Bitcoin has lost 6.50% over the past 24 hours and is trading under $9,900 at press time. On its weekly chart, the coin has remained volatile, surging to $13,756 on June 26 and slumping to its current price as the lowest mark.
As reported Monday, BTC has been profitable as an investment 98.2% of the days since its creation, per data from holdcalc.com. Counting 3,830 days back — to January 4, 2009, one day after the coin’s Genesis Block was hashed — holdcalc’s data suggests that on 3,671 of these, it was profitable to buy BTC as an investor.
Bitcoin 7-day price chart. Source: Coin360
Coin360 shows that ethereum (ETH) has experienced a drop by roughly 6% on the day to trade at $277 at press time. The second largest cryptocurrency has seen a drop of over 12% on its weekly chart, while in terms of its monthly performance ETH is 2.87% in the green.
Ether 7-day price chart. Source: Coin360
On the top-20 coins list, one of the best recent performers Chainlink (LINK) has registered a double-digit loss by nearly 10% to have its current price at the $3.27 mark. Litecoin (LTC) is down by 6% on the dat and is trading at around $115 at press time.
Total market capitalization of all digital currencies is now under $300 billion at around $294 billion at press time.
In traditional markets, oil surged today, with U.S. crude futures for August climbing $1.65, or 2.8% to $60.12 a barrel, according to CNBC. At the same time, financial markets were buoyed by a thawing of U.S.-China relations after the countries’ leaders agreed to restart trade talks.
If you have other interesting news about this topic or other cryptocurrency news please let us know. Don’t forget to view our useful bitcoin videos collection to learn more about Bitcoin and Blockchain.
You’re invited to share your opinion about this news “Bitcoin Price Drops Under $10,000 as Downtrend Continues” by adding your comment bellow. Let’s keep this discussion civilized with a non-offensive language.