Ken Chigbo
Independent Analyst
- The Bitcoin price on Wednesday is trading in negative territory by around 7%.
- BTC/USD bears are pressing further south, after breaching the $10,000 mark to the downside.
- A bearish flag structure has been breached to the downside, inviting more selling.
Bitcoin price on Wednesday is trading in negative territory, nursing steep losses of some 7% in the session. The bear market continues to drag prices down across the board, with a lack of slowdown in sight.
Looking via the 4-hour chart view, price action extended to the downside, smashing through a bearish flag structure. The pole of the pattern runs from $12,000 down to $10,500, which technically means another $1500 drop could be seen following this breakout.
BTC/USD 4-hour chart
Heavy price defending can be seen from $10,000 down to $9,500, a critical area of demand. Failure to hold will invite another strong wave of selling pressure.
In terms of news flow, worth noting recently the Bitcoin (BTC) hash rate has broken yet another new all-time high, according to data provided by monitoring resource Blockchain.com.
The top coin’s hash rate has continued to break previous records throughout summer, hitting 82.5 TH/s.
Closely watched Bitcoin investor Max Keiser indicated that this recent activity suggests the price could be next:
Price follows hashrate and hashrate chart continues its 9 yr bull market.
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