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Bitcoin Price $10K Deadlock May Be ‘Shakeout’ Before New Highs: Analyst

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…

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