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article imageBitcoin dips below $10,000 and then recovers to more than $10,400

By Ken Hanly     Aug 15, 2019 in Technology
Although bitcoin (BTC) dropped below $10,000 earlier today, it has since moved back up over that level by several hundred dollars and appears to be in recovery mode.
Suberg's analysis
William Suberg has an analysis of bitcoin's price movements earlier today over 15 hours ago on CoinTelegraph. He notes that data from Coin360 showed a continuing decline through today following Wednesday's momentum. Over the past 48 hours bitcoin declined by about 15 percent. When Suberg's article went to press BTC was trading around $9,800 with support appearing at about $9,500.
Bitcoin's price had shown signs of a fresh retraction after it had moved above $12,000 as political uncertainty focused on relations between the US and China. Suberg claims those tensions have lessened and BTC is reversing its gains.
Many analysts remain bullish
Veteran trader Peter Brandt added his voice to the bulls as he noted that bitcoin's performance so far this year has been better compared to the bullish period 2015-2017. He remarked that during that period BTC often did a U-turn to test its moving average one of the longer term trend lines that shows the direction of prices. He said the current trend has yet to do so.
Anthony Pompliano , Morgan Creek Digital co-founder also was bullish noting that even it BTC faced 50 percent price losses it would still have outperformed the S & P 500 so far this year.
Altcoins followed the BTC price drop
Altcoins followed BTC with their own decline some much greater than BTC. The second largest cryptocurrency Etherium (ETH) dropped a full 12.3 percent in 24 hours at press time trading at just $181. Litecoin (LTC) and EOS (EOS) did even worse loosing around 14 percent over the last 24 hours. The total market cap for cryptocurrencies lost more than $40 billion this week. Bitcoin remained at just more than 68 percent of the market.
Present situation
24 hours ago BTC was trading at $10,030 according to Coindesk data. The low since was $9,682 but it then jumped as high as $10,444. Even at 18:30 Central Daylight Time BTC was trading at $10,343 a gain of over 3.9 percent or $313 over the 24 hour period. Perhaps the U-turn spoken of by Brandt is happening. The altcoin market is following BTC with its own recovery.
Most altcoins are back in the green with Ethereum up over one percent at $1.88. Litecoin (LTC) is also in the green but only marginally as is EOS. The present price of bitcoin and the top 20 altcoins can be found here.
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