Bitcoin price (BTCUSD) is actually in its consolidation period a few days after it dropped from above $11,942 to below $10,000. The currency is trading at $10,422, which is the same cooktop it was last week. Other digital currencies are also slightly less, with Ethereum and Ripple price tag slipping by over one %.
Bitcoin price is little changed today much after reports emerged that Bitcoin miners were selling the coins of theirs at a faster speed. That has helped drive the price lower in the past day or two. According to On Chain, more miners have been advertising big blocks of the currency not too long ago. In the same way, yet another article by Glassnode believed that the inflow of miners to exchanges had risen to the maximum degree in five weeks.
This putting of BTC by miners is perhaps because of profit taking after the price rose to a high of $12,492. It is also possibly because miners are concerned about the future cost of the digital currency.
Meanwhile, Bitcoin price is consolidating as the US dollar happens to acquire against main currencies. Last week, the dollar index closed higher for the second consecutive week. This unique power occurred when the currency strengthened against key currencies, like the euro and the British pound. A much stronger dollar is likely to force the cost of Bitcoin less.
Bitcoin rate complex view The day chart shows that Bitcoin price tag arrived at a year-to-date high of $12,492 on August 17th. Since then, the purchase price has been decreasing and on September 5th, it climbed to a low of $9760. The cost has been consolidating since that point in time and is now trading from $10,422.
The 25 day and 50-day exponential moving averages have established a bearish crossover. At the same period, the purchase price has established what appears to be a bearish pennant pattern which is displayed in purple. It’s also on the 23.6 % Fibonacci retracement level.
So, this specific formation appears to be pointing towards a more pullback. If it occurs, the price tag is likely to go on dropping as bears target moves below the support during $10,000. On the other hand, a maneuver above $11,000 will invalidate the movement since it’ll signal that there’s also an appetite for the currency.