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Bitcoin – $10,000 coming under pressure

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Another day, another 10% move

Bitcoin remains as volatile as ever, falling more than 10% on Sunday to hover above $10,000.

A cryptocurrency exchange reported a theft of $32m over the weekend, while a Chinese mining firm was raided after stealing $3m in electricity. As is often the case, it’s not clear whether these stories contributed to the sell-off or if they even get the same attention they once would.

What is clear is that price action is not settling down and no matter which way we turn from here, that could well continue. The $9,500-10,000 area has been tested overnight but is finding a way to hold on for now.

A break of this could put some pressure on prices, with $9,000 being the next key level below, while a failure to do so could reinvigorate the hodlers and those that think it’s not a case of if it will $20,000 but how soon.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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