{"id":389657,"date":"2019-07-16T16:27:23","date_gmt":"2019-07-16T16:27:23","guid":{"rendered":"https:\/\/wncen.com\/?p=389657"},"modified":"2019-07-16T16:27:25","modified_gmt":"2019-07-16T16:27:25","slug":"bitcoin-blasts-below-10k-following-senate-hearing-on-facebook-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-blasts-below-10k-following-senate-hearing-on-facebook-crypto\/","title":{"rendered":"Bitcoin Blasts Below $10K, Following Senate Hearing on Facebook Crypto"},"content":{"rendered":"

Bitcoin price<\/a> continues to dive following a rejection a couple weeks back from $13,800 that stopped Bitcoin\u2019s parabolic rally dead in its tracks – and may have done so for the remainder of the year.<\/span><\/p>\n

A failed inverse head and shoulder\u2019s failure has hurt the pride of bulls across the crypto market who are now licking their fresh wounds<\/a> at the hands on contrarian bears and a negative sentiment by the US President and global governments may have further fueled fears across the space. With Bitcoin at risk of further downside, and altcoins capitulating en masse, how much further will crypto markets bleed out?<\/span><\/p>\n

Bitcoin Price Smashes Below $10,000, How Deep Does This Correction Go?<\/span><\/h2>\n

Today, Bitcoin took another run higher, blasting its way back upward towards $10,500 after a bearish daily close below weekly support. But given yet another rejection and sharp drop, sell pressure across the crypto market and in Bitcoin may only just be picking up.<\/span><\/p>\n

Related Reading | Crypto Analyst: Bitcoin Technical Indicator Struggles At This Range Before Bull Run<\/a><\/strong><\/em><\/p>\n

Bitcoin price traded the morning of July 16 in a range between $10,000 and $10,800 before it was rejected with force.<\/span><\/p>\n

Bitcoin is currently in free fall and shows no signs of stopping. Should Bitcoin break below $9,000, then $8,000 could be the next bearish target if sell pressure continues. After $8,000, Bitcoin\u2019s entire bullish rally may be in trouble, and former bear market broken support around $6,000 may be eventually be tested.\u00a0<\/span><\/p>\n

Did the Trump Tweet and Senate Hearing Cause Crypto to Collapse?<\/h2>\n

The added sell pressure may be due to some ominous tweets shared by United States President Donald Trump,<\/a> stating that he \u201cis not a fan of Bitcoin and other cryptocurrencies.\u201d He continues that crypto is \u201cnot money,\u201d and value is \u201cbased on thin air.\u201d<\/span><\/p>\n

The comments appear to be in reference to Facebook\u2019s Libra cryptocurrency which has shaken up the political landscape since its announcement. Governments are worried that Facebook and other tech giants have become too powerful, and if they gain control over people\u2019s money, there may be serious privacy concerns.<\/span><\/p>\n

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I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….<\/p>\n

— Donald J. Trump (@realDonaldTrump) July 12, 2019<\/a><\/p><\/blockquote>\n