Bitcoin Price Targets 3-Week Losing Streak in $14 Billion Overnight Wipeout

Story by: Ben Brown

By CCN Markets: The bitcoin price crumbled overnight, breaching the psychological barrier of $10k and dropping as low as $9,334 on Coinbase. The fall marked a nine percent collapse in a matter of hours, wiping out a total of $14 billion in BTC market capitalization. 

The collapse is primarily a technical move coupled with low trading interest on the CME bitcoin futures platform. On the long-term, however, bitcoin is building a strong, consolidated base, setting up for a move higher.

BTC: heading for third-straight week of losses

If the bitcoin price maintains its downward trajectory, it will end the week with a third-straight loss. As trader Josh Rager explains, this isn’t necessarily unusual, even in a bull market.

“Last uptrend Bitcoin has multiple months with at least 3 down weeks in a row.”

The key figure to watch is $9,533. If BTC ends below this number on Sunday it would mark a lower low, giving the bears short-term control of the market. Below that, BTC could fall to support lines around $8,000.