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Is Bitcoin Going Down to $7,700 as $10,000 Price Floor Slips

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September 23, 2019 | 

Darryn Pollock |  0 Comments| 

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Bitcoin’s outlook has suddenly turned a little bearish as the major cryptocurrency has fallen in value to below the important price floor of $10,000. Currently, it is just under at $9,900, but looks to be on a downward trajectory. 

What is even more concerning for the Bitcoin bulls still waiting for the price to explode is that one external factor that was pegged to cause a stir has failed to have any effect on the market. This week saw the launch of the much anticipated Bakkt futures contracts which have been touted as a way for institutional investors to flood the market. 

Yet, on this announcement there has not been much positive movement from Bitcoin, and only about 20-odd BTC has been traded in the opening few hours of the launch. This is a rather tepid break into the market, especially a market that is prone to bigger and brighter movements. 

With Bitcoin no longer riding bullish momentum, having rather traded predominantly sideways in the previous weeks and even months, this indication of good news doing nothing for the market has analysts now looking towards more bearish trends. 

Chart analytics is even pointing towards the next level of support for Bitcoin being as low as $7,700. This would be a worrying drop for the cryptocurrency, and it could even spark a broader sell off that could really send the price cascading downwards. 

There is not much joy for the altcoin market either as they have been dropping even before Bitcoin fell below the $10,000 mark. There are a few coins that are barely in the green, but mostly, it is a red day with the likes of Tron reporting the biggest losses - nearly six percent over the last 24 hours. 

Up or down?

While there does appear to be some bearish sentiment around, and analytics pointing towards a big drop in price to the next resistance level, in the long run ,there is very little panic with some analyts even pointing towards the fact that there is evidence of a bull run to follow this slight dip.

According to Bitcoin investor and entrepreneur Willy Woo, the current state of the market could actually be the start of a new bull market. In a tweet, the trader cited on-chain metrics as potential evidence for “closing up the opening act of the bull market.”

Perhaps the real direction still lays with the eventual successful, or unsuccessful, launch of Bakkt. The platform has had a slow start, but that doesn't immediately spell disaster. In fact, there are a few commentators who are of the belief that Bakkt will be the bridge between traditional investors and the cryptocurrency market. 

Major crypto believer John McAfee supported the bullish trend over Bakkt, claiming that the launch of physical futures on the exchange will increase the level of trust by institutional investors. McAfee added that the event could jump-start crypto adoption.

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