After falling down below the $6000 handle a couple of weeks ago, Bitcoin had rallied since that time thanks in part to an undisclosed investor who piled in with $400 million worth of buys. However over the past two days this rally appears to have stalled as overnight selling has pushed the price of Bitcoin back down below $10,000 per coin.
Bitcoin is struggling to stay above $10,000.
The cryptocurrency fell below the psychologically key level Thursday, failing the latest attempt to recover from a sharp sell-off in the last several weeks.
Bitcoin dropped about 5 percent to a low of $9,878.72, its lowest level in a week, according to CoinDesk’s bitcoin price index, which tracks prices from four major cryptocurrency exchanges.
This is the second straight day of declines and the first time bitcoin has dropped below $10,000 since last Friday. – CNBC
Even at $10,000 per coin, the cryptocurrency remains down 50% from its all-time high achieved back on Dec. 17.
One of the trends we are looking at is how the Bitcoin price will react to the CME’s February Bitcoin futures contract which is set to expire on Friday the 24th. Because it was the implementation of this contract back in December that helped precipitate the hard correction for the cryptocurrency, which has yet to recover fully within 40% of its all-time high.