Bitcoin has again met another obstacle on its way to move beyond $10,500 after staying above the $10,000 area for days.
While the digital currency was attempting to climb higher, it dropped to $9770 range during the weekend.
It may be hard to clearly state the reasons behind the drop. Cryptocurrency analysts, per different observations, are seeing the potential of Bitcoin dipping further.
Josh Rager, a crypto investor and advisor, sees Bitcoin sliding to $9,300 within 4 hours if the digital asset fails to move back to $9800. As it is now, the cryptocurrency market is all painted in red due to the present situation.
Upon making such observation, Rager, notes that $9550 is a popular area to buy more of the cryptocurrency asset.
In addition, Rager notes that $9550 is a buying region, the crypto observer posits that the digital currency has the chances of even dipping further once it reaches the region.
He said: “Needs to move back up $9800 and sustain there, otherwise, I see price moving down to the $9300s (4 hour+) If price breaks down, $9550 is a popular area to buy (horizontals) but I think price bounces there and continues to move down.”
Like Josh Rager, some other cryptocurrency observers are also seeing Bitcoin dipping further if it failed to return to its previous price region.
At the time of filing this report, Bitcoin is changing hands at $9792 according to data from CoinDesk with other digital currency shedding their price too. Ethereum has lost 5.60% of its value, the same with XRP, which already dipped by 8.78%.