After breaking below $10,000 yesterday, Bitcoin has faced a significant influx of selling pressure that has sent its price reeling down towards the lower-$9,000 region. This sell-off has drastically altered the overall market sentiment and came shortly after BTC made a failed attempt to surge towards $11,000.
Some major Bitcoin bulls are still expressing confidence that Bitcoin is still likely to surge higher in the near future, with one billionaire investor explaining that investors who employ foresight when it comes to their crypto investments will likely be rewarded.
Bitcoin Plummets Towards $9,000 as Sellers Flex Their Strength
At the time of writing, Bitcoin is trading down over 7% at its current price of $9,500, which marks a significant retrace from its daily high of nearly $10,300.
While looking at BTC’s weekly price action, the crypto is currently trading down from highs of over $10,500 that were set during a large rally that the crypto experienced this past Sunday after temporarily dropping below $10,000.
It does appear that $10,000 – which was previously a critical support level for the cryptocurrency – grew weaker with each time that Bitcoin visited it, and the breakdown that first began yesterday morning may extend significantly further than many investors anticipate.