Bitcoin Price Fails to Test $10,000 Again, Alternative Cryptocurrencies Also Drop

Bitcoin price has failed to secure momentum in the $10,000 region and has fallen by more than $400 over the past 24 hours, Alternative cryptocurrencies (altcoins) and tokens have followed the price trend of bitcoin, dropping in the range of 5 to 20 percent.

Where Does Bitcoin go From Here
Analysts were optimistic in regards to the price trend of bitcoin, given that the bitcoin price increased from $6,500 to $9,900 within three weeks, supported by a gradual increase in volume and demand. The consistent recovery of bitcoin allowed the Relative Strength Index (RSI) and Williams’ Percent Range (WPR) to demonstrate a neutral zone, showing neither overbought or oversold conditions.

However, as it did in its previous attempt, the bitcoin price failed to remain above $10,000 mark after briefly testing it on May 5. In other major markets such as Hong Kong and South Korea, the bitcoin price surpassed $10,000 due to their premium rates but in the US, the bitcoin price achieved $9,900 and fell back to $9,600.




At the time of reporting, the bitcoin price remains below $9,600 and it remains unclear whether bitcoin could initiate a new rally to eye an entrance into the $10,000 region. The RSI of bitcoin is currently 59.2, signifying a neutral zone. Both exponential and simple moving averages show a healthy short-term trend for bitcoin, demonstrating a strong buy signal.

Previously, the bitcoin price fell by nearly 10 percent after testing the $10,000 mark, triggered by the sell off of Mt. Gox trustee funds on cryptocurrency exchanges. At the time, the bitcoin price dropped from $9,800 to $8,800 within a single day.

Over the past 24 hours, the bitcoin price only dropped by $400 after testing $10,000, which shows that bitcoin has gained stability in the $9,500 region and is capable of bouncing back following large sell offs.

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