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Bitcoin Price Must Hold $9.7K or Risk New 5-Month Low, Says Analyst
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Bitcoin (BTC) price fell below $9,700 on Sept. 24 as bears continued to dictate market performance and limit gains.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin price struggles to hold $9,700
Data from Coin360 painted a gloomy picture for Bitcoin investors on Tuesday, with BTC/USD bouncing off lows of $9,630 to hover closer to $9,750 at press time.
The pair lost 2.6% as the weekend ended, firmly rejecting the bullish behavior which had characterized markets in previous months.
Bitcoin’s drop below $9,800 was the latest in a slow grind downwards, which began at the start of September. Highs for the month currently sit at $10,900, while quarterly losses total 23%.
Bitcoin seven-day price chart. Source: Coin360
For regular trader and Cointelegraph contributor Crypto Michaël, the next Bitcoin price zone to watch lies immediately below current trading levels. Break that, he said in a fresh update on Tuesday, and investors could look forward to a test of $7,500 support.
“Staying above -> nothing to worry. I’d rather catch the big wave,” he summarized.
Others appeared to share the same sentiment, broadly agreeing markets were set for a further slump before any meaningful change in pattern emerged.
Factors behind the lackluster outlook vary. The launch of Bakkt’s Bitcoin futures did not have the catalyzing effect many had hoped for, while 50% of open interest in Bitcoin options is set to expire on Sept. 27.
Such expiration points have historically exerted a negative strain on Bitcoin price.
Altcoins outdo Bitcoin to fall hard and fast
A worse picture, however, came from altcoin markets, which lost out considerably as Bitcoin fell.
In the top twenty cryptocurrencies by market cap, Litecoin (LTC) led the exodus of cash, dropping 8.7% on the day. Stellar (XLM) also suffered, losing 6.3%.
Ether (ETH), the largest altcoin, dropped back below $200 with nearly 6% daily losses.
Ether seven-day price chart. Source: Coin360
Commenting on the overall landscape, the Twitter analyst PlanB suggested altcoins were on a longer-term path back to subservience to Bitcoin.
“While #bitcoin oscillated last 5 months around ATH level of $10k (only Dec 2017 was higher!), the altcoin narrative is losing its luster rapidly,” he wrote on Tuesday.
The overall cryptocurrency market cap stood at $256 billion at press time, with Bitcoin’s share at 68.5%.
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