Bitcoin Price Ebbs Toward $10,000

The market’s mid-week slump continued on Thursday, as just three of the index’s 100 largest cryptocurrencies managed to post
single-day increases against the US dollar. Following the day’s bearish pivot, the Bitcoin price is at risk of dropping below
$10,000, while other top coins continue to shed market share. The Bitcoin price returned an index-matching seven percent
decline, which forced the value of the flagship cryptocurrency down to $10,274 on Bitfinex. This signifies a more than $1,500
decline since Tuesday when the Bitcoin price appeared poised to punch past resistance at $12,000. Bitcoin now has a $175.2
billion market cap. This translates into a 39.4 percent market share, which — notably — represents a 0.3 percent increase
from its previous-day level, indicating that traders are rotating their holdings back into Bitcoin. There does not appear to
be a definitive trigger for the decline. Perhaps, unsure about the duration of the recovery, traders wise enough to
strengthen their positions when Bitcoin was trading near $6,000 are taking money off the table to secure profits.


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