Bitcoin at Four Figure Again, Trades Below $9800 With Altcoins Follow Suit

The largest cryptocurrency Bitcoin and other altcoins are experiencing a day of red once again. Despite a few positive announcements from big players for the crypto industry, the market looks pressurized on July 26th.

Bitcoin Trades Below $10K

As Coingape reported, Bitcoin saw a quite brief surged on July 25 hovering $10000 against US Dollar. Other altcoins along with bitcoin also enjoyed the green momentum but the market quickly lost the support.

At the press time, Bitcoin is trading below $9800; specifically, it saw a decline of 3.53 percent over the past 24 hours and currently trades at $9731 against US Dollar. However, the market cap counts $173,591,916,133 which had touched over $200 billion during late June for the first time in 17 months.

bitcoin chart
Bitcoin 1 hr chart | Source: TradingView

With the waning Bitcoin price, other major altcoins are also experiencing subsequent price cut. Ethereum, the second-largest cryptocurrency is losing 3.26 percent and trades at $214.71 against US Dollar. XRP is declining with 2.36 percent, Litecoin with 2.82 percent, Bitcoin Cash with 2.86 percent, Binance Coin is falling with 2.40 percent over the past 24 hours respectively.

According to analysts, Bitcoin may drop further in the near-term before it sees bull again. One analyst for cryptocurrency RJ talks about upcoming Bitcoin move and states that the next uptrend will likely begin in September. He explained it as follows;

“My $BTC macro view: Expecting a slow and choppy July + August. Uptrend continuation in September with strong moves Sep/Nov. Zones of interest: Rushing 9K and high 8K buyers to get shaken out. Ideal entry area high 7K ~ low 8K. Upside target 16K, if broken we will gun for a new ATH,”

As the weekend begins, the world’s largest cryptocurrency saw fresh weekly lows and the next move of bitcoin and other alts is still unclear. Meanwhile, it’s worth to note that Bitcoin currently holds the dominance of 64.5 percent.

What do you think the next price figure of bitcoin will be? Let us know in the comment below

The post Bitcoin at Four Figure Again, Trades Below $9800 With Altcoins Follow Suit appeared first on Coingape.