Bitcoin (BTC) price traded back below $10,000 on Sept. 11 as five-figure support for the largest cryptocurrency finally crumbled.
Market visualization. Source: Coin360
Bitcoin pre-halving “shakeout” theory emerges
Data from Coin360 showed BTC/USD suddenly drop from $10,200 late on Tuesday, subsequently putting in a local low of $9,900 before a slight rebound.
At press time on Wednesday, $10,000 was acting as a guide rail, Bitcoin fluctuating immediately above and below the barrier.
Bitcoin seven-day price chart. Source: Coin360
The fresh downside was broadly anticipated by forecasters, who generally agreed that support at higher levels was not strong enough to guarantee bullish short-term behavior.
A consensus had formed around a return to four figures first before any kind of…