Bitcoin (BTC) fell below $ 10,000 on September 4 when selling pressure combined with the strength of the US dollar caused more pain for inventors.
The BTC price makes bulls come back with $ 9,900
Data from Coin360 and Cointelegraph Markets showed that the bitcoin / US dollar pair hit four digits during Friday’s trading, limiting the 24-hour loss to more than 10%.
The largest cryptocurrency struggled to recover $ 10,500 per day before suffering a five-digit loss for the first time since the end of July.
The fall comes amid renewed bullish signals in the US Dollar Index (DXY), with which Bitcoin showed an increasing inverse correlation in August.
At the time of publication, volatility is noticeable, as BTC / USD hovers around the $ 10,000 mark. The return raised the pair to $ 10,400 after diving to $ 9,900.
The analyst’s eyes form a bottom and a new “cessation”
Michael Van de Pope, an analyst at Cointelegraph Markets, has been very interested in putting lower support – which is likely to happen with a difference of $ 9700 in bitcoin futures.
He tweeted: “If we want to create a bottom formation, I would say we need to test the decline clearly or create strong support.”
“In this regard, dead cats jump around $ 10,000, which then ends up with a new blind to confirm this support.”
Van de Poppe added that Bitcoin’s weakness could lead to new gains for altcoins. Bitcoin’s market value reached 57% on Friday, the lowest level since June 2019.