Bitcoin Shows Weakness Above $10K

Having found weak hands above the $10,200 mark in Asian hours, bitcoin has slipped back into four figures. The cryptocurrency rose above $10,000 at 17:29 UTC yesterday, but ran into offers at $10,218 and dropped to $9,865.29 at 21:59 UTC. Another attempt to score gains above the $10,000 mark ran out of steam at a high of $10,293.44 at 02:14 UTC. As of writing, CoinDesk’s Bitcoin Price Index (BPI) is seen at $9,960. Despite the pullback from a 16-day high of $10,293.44, the cryptocurrency is still up 1.56 percent on a 24-hour basis, according to data source CoinMarketCap. On Bifinex (the biggest exchange by volume), trading volumes surged as BTC rose above $10,000 yesterday. However, as seen in the chart below, the volumes have dropped in the subsequent hours, explaining the failure to post solid gains above $10,000.

Reference: https://www.coindesk.com/pullback-on-the-cards-bitcoin-finds-weak-hands-above-10k/

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