Bitcoin fell below $9,500 for the first time in almost two weeks on Feb. 17 as downward pressure continued to pressure markets.
BTC further rejects $10K. Data from Coin360 and Cointelegraph Markets showed BTC/USD hitting twelve-day lows of $9,485 on Monday.
At press time, the BTC price was struggling to find support at $9,500.
The shift lower followed a four-day slide for Bitcoin, which had topped out at $10,500 before seeing considerable resistance kick in.
Some traders appeared worried, as evidenced by a single deposit onto derivatives giant BitMEX on Monday, which totaled 600 BTC. Weekly losses totaled around 3.5% on the day, while monthly performance remained strong at 7% growth.
As Cointelegraph reported, year-to-date returns for Bitcoin investors likewise remain intact at nearly 40%.Bitcoin 1-day price chart.
Speaking in an interview over the weekend, TV host Max Keiser said that he had "Officially" raised his BTC/USD outlook for the first time since 2012.
Now, he said, Bitcoin would not stop at $100,000, but instead, reach four times that amount - $400,000.
Current levels nonetheless mean Bitcoin is frontrunning technical expectations for its average price prior to the May 2020 block reward halving.
According to calculations using the historically accurate stock-to-flow model, the cryptocurrency should trade at an average of $8,600 until May.Keep track of top crypto markets in real time here.
Bitcoin Price Dips Below $9.5K as Whale Deposits 600 BTC to BitMEX
gepubliceerd op Feb 17, 2020
by Cointele | gepubliceerd op Coinage
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