Categories: Crypto Review

Bit-comment: Bitcoin sank below $10000

Bitcoin develops profit-taking after the previous rally. At the time of writing, Bitcoin declined below the psychologically important round level of $10,000, and by Tuesday morning it is trading at around $9,800, losing more than 11% in the last 24 hours.

The most common explanation is that the market is still in a bullish phase, and the current correction is an excellent last opportunity to buy Bitcoin before the next rally. Others believe that investors who bought at the bottom of the market won’t wait for a “flight to the moon”, and prefer to take profits now, which means for the market, at least, a very long correction.

Recently it became known that the global crypto decline began with the placement of a large short position on the Bitfinex exchange of 20,000 BTC. Apparently, this is one of the whales who bought BTC slightly above $3K. In the coming days, the bull market mood will be seriously challenged.

The FxPro Analyst Team

AddThis Website Tools
The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team
Tags: Bitcoin

Recent Posts

Video: Dollar and Indices are trying to find footing after the fall

The dollar experienced a sell-off but rallied back up by the end of the week.…

15 hours ago

What is next: BoJ, Fed, SNB & BoE Rates

The new week will be packed with economic data and decisions from key central banks.…

18 hours ago

Dollar attempts to rebound after oversold conditions

Despite economic factors working against the dollar, its oversold condition helped it this week or…

18 hours ago

USDCAD Wave Analysis – 14 March 2025

USDCAD: ⬇️ Sell - USDCAD reversed from key resistance level 1.4500 - Likely to fall…

19 hours ago

Solana Wave Analysis – 14 March 2025

Solana: ⬆️ Buy - Solana reversed from the long-term support level 113.75 - Likely to…

19 hours ago

Adobe Wave Analysis – 13 March 2025

Adobe: ⬇️ Sell - Adobe broke round support level 400.00 - Likely to fall to…

1 day ago