Yesterday bitcoin went below $10,000 mark before climbing up again today. At the time of writing, BTC is down more than 2% and is trading at just above $10,000 mark. This recent drop in price has triggered $80 million worth BTC long liquidation on the crypto exchange BitMex. Last week $3.5 million worth BTC shorts were liquidated on the platform.
Many analysts have predicted that bitcoin might be heading towards a bear market. Analyst Josh rager earlier tweeted that bitcoin might slide below $9,000 in the coming weeks.
According to a Forbes report, Bitcoin’s 30-day volatility is now at 53.5%, which is the lowest in four months. Chief investment officer at Blockforce capital believes so far in September, bitcoin’s price has only consolidated the range-bound nature that was kicked off early August.
As reported earlier bitcoin is following a descending triangle pattern and many experts have predicted a bearish market for bitcoin in coming weeks. Let us know in comments where do you think the price of bitcoin is heading in coming weeks?