The Bitcoin price (BTC/USD) has dropped below the $4,000 mark following a sudden plunge that occurred in today’s morning session.
The original cryptocurrency had a quiet session on Wednesday, with its price moving within a tight range around the $4,050 level throughout the day. The digital coin finished the session at $4,035.30, only slightly above than its opening price of $4,031.55.
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The early hours of today’s session offered more of the same, with the coin looking stable around $4,050 mark. However, at roughly 06:30 GMT, the coin suffered a sudden slump that resulted in its price dropping below the $3,900 level for the first time in four days. BTC has since been trading in the $3,800-$3,900 range. At the time of writing, the Bitcoin price was hovering around the $3,830 mark, according to data from digital currency tracker Coinmarketcap.
Many of Bitcoin’s biggest rivals saw similar drops, with coins like Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) suffering double-digit percentage losses. Currently only TRON (TRX) and the stablecoin Tether (USDT) are posting gains in the crypto top 10.
In an article published January 9, Bloomberg pointed to a technical measure, suggesting that Bitcoin could soon see a large move in either direction. The newswire also quoted Travis Kling, founder of the crypto hedge fund Ikigai, who believes that the No. 1 coin is poised to see more lows before it can enter recovery mode.
“It’s unlikely that the bottom is in for Bitcoin,” Kling said. “I am certainly willing to change my mind, but the preponderance of evidence leads us to believe that we’ll see more lows before we head higher.”
In today’s trading, the Bitcoin price stood at $3,823.64, as of 10:06 GMT. The coin has lost 5.7% of its value over the past 24 hours.