Bitcoin Price Hovering At $10K, Is It Crashing?

Bitcoin price remained down for its third day. However, it looks like there is some solid support around the $10,000 mark. The price has dipped below it thrice this month and bounced off of it. The question is, can Bitcoin get back to an upward trend?

vjkombajn / Pixabay

Bitcoin Price All-Time High

Just a little over a month ago, cryptocurrency investors were celebrating that all-time high price of $19,900. The run up started when Bitcoin price crossed the $6,000 mark for the first time on October 20th. Then it dipped back down to $5,376 on the 25th before bouncing up to $7,344 on November 8th. That gain didn’t stick and there was one more decline back down to $5,511.

However, that was the last time Bitcoin price would see that number as on November 13th, the big run up began and it reached $6,811. By November 19th it was trading solidly above $8,000 and nine days later is reached $10,000 for the first time.

Then Bitcoin price accelerated its increases and was at $14,000 on December 6th, eight days later. The next day Bitcoin price saw its largest single day price jump with a low of $13,500 that day and a high over $16,000 on the day. The next few days saw a minor sell off dropping it back into the $14,000 range but it continued its run up through December 17th when it reached $19,891.

The Sell-Off

At that point a big sell off began. This caused five straight days of losses with prices dropping down to $10,700 on December 22nd. The price oscillated for a while until, again, bouncing from a low of $11,651 on the 30th, to the next high of $17,252 on January 6th.

Bad News Abounds

Much of the losses in the crypto markets are due to a seemingly never-ending line of bad news for crypto markets. South Korea stated they were going to totally ban cryptocurrency trading. China announced it was going to crack down on mining, and exchanges. A crypto exchange in Japanese apparently had $532M stolen by hackers. All of this continued to drive the price down and caused the first $10,000 support test. That resulted in the so called Bloody Tuesday where Bitcoin price went from a high of $13,617 down to $9,940.