Last night, the Bitcoin price took a hit and went below $10,000 yet again.
Today, the BTC price went even lower to $9,855. With a loss of 1.85% loss in the past 24 hours, Bitcoin is trading at $10,054, as per Coincodex.
As Bitcoin price takes a dive, the bulls are struggling with the bears for dominance.
Bitcoin price has broken through the current support area on the daily and 20MA. According to trader and investor, Josh Rager, if buyers don’t step in the market in the next couple of days, Bitcoin will retest the previous support in the region $9,620 and $9,375, that held three times.
Once we drop in the low $9,000s, the next move would lead to $8,000, he added.
However, with Bitcoin hash rate hitting a new all-time high (ATH) at 100 EH and miners investing like crazy in new hardware, popular analyst planB says
“Price will follow.”
Bitcoin hash rate has been surging since December when the price hit its bottom. Just like with hash rate, mining difficulty is on the rise as well, hitting an ATH.
How will Bitcoin Price React to Bakkt Launch?
In the coming days, the much anticipated Bakkt is going to be launched and bring physically delivered daily and monthly bitcoin futures to the market, unlike the cash settled BTC futures on CME.
This will create price discover apart from any fiat market influence, said PlanB.
But how will it impact the BTC price?
As per PlanB’s poll on “How do you think bitcoin price will react?” the majority of the voters believe BTC price will rise but this percentage of people at 29% isn’t much higher than 23% that believe either price would drop or would see no change.
However, last week, Bakkt Warehouse started accepting deposits and withdrawals — that Andy White, COO at Bakkt compared with the launch of ATMs about 50 years ago — Bitcoin price took a drop of more than 6%, from $10,950 to about $10,220.
So, it is to be seen, if Bakkt launch will end up acting like “buy the rumor, sell the news.”
Macro Sneak Peak
US President Donald Trump yet again took to Twitter to suggest that the Federal Reserve should get the interest rates down to “zero or less.”
The US should always be paying the “lowest rate,” according to Mr. President which is “once in a lifetime opportunity” being missed because of the Fed and Chairman Jay Powell, aka “Boneheads.”
— PlanB (@100trillionUSD) September 11, 2019