Are the Bitcoin Bears Coming Back?
Cryptocurrencies and Bitcoin are well known for their volatility. In Bitcoin's 10 years of existence it has managed to break amazing heights and had horrible crashes. It reached its historic all time high of $20K in December of 2017 and a low of $3,200 in December 2018. Since then Bitcoin made a dramatic rise above 13K last June only to retract to around $10K, where it remained for roughly a month.
Earlier today Bitcoin has dipped below $10K and is currently trading at $9721. This is the 3rd time this month that Bitcoin fell below the $10K mark this month. Over the last 24 hours, Bitcoin has lost almost 6%. This could be a sign that Bitcoin, and by extension all cryptocurrencies are heading for a bear market.
The next bottom support is $9000, and should a negative trend continue, $8000.
What About Alts
It is unlikely that altcoins will rise if Bitcoin faces a tumble. Bitcoin dominance is still very high, at 64.9% which seems to indicate that an alt-rally in fiat value won't happen anytime soon. If the market is facing a retract, the best thing possible for alts is to gain ground in their BTC evaluation.
Congress & Bitcoin
It is completely possible that the negative trend we are encountering could reverse and Bitcoin could head to $15K. That does depend on U.S. Senate Banking Committee's hearings, however. Facebook's Libra is another point of interest for Bitcoin, as news of its launch might have been a factor in Bitcoin's climb to $13K.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado