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The Bitcoin price (BTC/USD) has dropped to its lowest level in more than three weeks, as the wider crypto market continues to struggle.
The original cryptocurrency had a disappointing session on Monday, with its price moving on a downward trajectory throughout the day. The digital coin’s decline was intensified during the afternoon, when BTC dropped below the $9,800 mark for the first time in three weeks. The coin fell to as low as $9,727.14, before closing the session at $9,729.32.
The coin dropped to a 23-day low of $9,712.28 in the opening minutes of today’s session, but it managed to bounce back in more recent trading. Still, the coin currently remains below the $9,800 mark, data from digital currency tracker Coinmarketcap shows.
The other coins in the cryptocurrency top 10 have also seen big losses over the past 24 hours. Litecoin has been the biggest loser, having lost 8.4% of its value in that period. Ether (ETH), Bitcoin Cash (BCH) and Bitcoin SV (BSV) have lost 4.6%, 5.1% and 4.6%, respectively.
In a technical analysis piece published September 23, industry website Coindesk noted that Bitcoin’s weekly moving average convergence divergence (MACD) histogram was posting its most bearish reading since December. According to the online publication, this signals that a significant price drop might be on the cards for the leading cryptocurrency. Daily chart indicators also signalled a possible bearish move, the website warned, adding that a close below $9,482 could trigger a sell-off to sub-$9,000 levels. While BTC has seemingly avoided such a scenario, it also failed to revive the bullish trend. According to Coindesk, a high-volume close above $10,758 was needed for that to happen.
In today’s trading, the Bitcoin price stood at $9,757.08, as of 09:41 BST. The digital currency has lost 2.1% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at $175.18 billion, which represents 68.5% of the combined value of all digital currencies.
Featured image: Jaruwan Jaiyangyuen / Shutterstock.com
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