Bitcoin is falling like dead weight in the air following the break under $10,000 support. As discussed earlier the price retreated from the region above $11,000. The increasing selling pressure has overwhelmed the diminishing buying pressure to the extent that BTC/USD is trading at new July lows.
The bleeding is happening amid the ongoing US Senate hearing for Facebook cryptocurrency Libra and the proposed technology Calibra. Facebook sent David Marcus who currently oversees the development of the two projects.
Marcus has tried to clear the concerns regarding privacy, however, most of the senators are yet to be convinced that Facebook with its bad record with user privacy and data should handle a sensitive project like Libra.
More on Facebook’s Libra here: Calibra wallet to protect users against fraud: Facebook’s David Marcus at the U.S. Senate hearing
Meanwhile, Bitcoin is trading at $9,612 after recording double-digit losses. $9,500 is short-term support. However, the bear pressure remains at its highest levels on the day.
BTC/USD 15-mins chart
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