Bitcoin Drops to $9,300, Cryptocurrency Market Loses $20 Billion Overnight

[felixesteban]

The bitcoin price has dropped to $9,300, demonstrating another 3 percent decline in value over the past 24 hours after failing to test the $10,000 support level. The cryptocurrency market followed the short-term price trend of bitcoin and has dropped more than $20 billion overnight.

Bitcoin’s Slump

On May 5, the global average bitcoin price was less than $100 away from achieving the $10,000 mark, as regions such as Hong Kong, Japan, and South Korea with premium rates already surpassed $10,000. However, bitcoin failed to secure the $10,000 support level and immediately declined by around 3 percent, to $9,600.

Since then, the bitcoin price has fallen an additional 3 percent to $9,300 and the volume of the cryptocurrency market has dropped by around $3 billion, from $26 billion to $22.9 billion.

Technical indicators of bitcoin including the Relative Strength Index (RSI) and Williams’ Percent Range (WPR) demonstrate a neutral zone, showing that bitcoin has not been oversold or overbought in the past 48 hours. But, simple and exponential moving averages show a negative short-term trend for bitcoin and if the dominant cryptocurrency fails to hold its volume and momentum in the $9,300 mark, it may be possible for the bitcoin price to record another 2 to 4 percent decline in the next few days.

https://www.ccn.com/bitcoin-drops-to-9300-cryptocurrency-market-loses-20-billion-overnight/