After a period of consolidation around $10,000, Bitcoin decisively broke below this key support level and has now plummeted towards the lower-$9,000 region.<\/p>\n\n\n\n
This downwards momentum comes as the CME Bitcoin Futures near their expiration date, which some analysts believe may contribute to the cryptocurrency\u2019s near-term volatility.<\/p>\n\n\n\n
At the time of writing, Bitcoin<\/a> is trading down over 5% at its current price<\/a> of $9,950, which marks a slight surge from its daily lows of below $9,500.<\/p>\n\n\n\n Today\u2019s drop is simply an extension of the downwards momentum that first began yesterday morning when the cryptocurrency failed to hold above $10,000 \u2013 which has proven to be a strong level of support for BTC over the past several weeks.<\/p>\n\n\n\n It is important to point out that this is not the first time in recent history that Bitcoin has broken below $10,000, as earlier this month it dropped to lows of $9,600 before finding strong support that allowed it to climb back into the five-figure price region.<\/p>\n\n\n\n The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC is trading within a descending triangle that may ultimately lead it to visit the $7,000 region.<\/p>\n\n\n\n \u201c$BTC: We are now testing weekly descending triangle which breaks. The best bulls can do is push this at 10k, which I would absolutely lovey so I can short the shit out of it! Next support regions 9.1k, then 8.7. My feeling is we go down to 7.3k region,\u201d she noted.<\/p>\n\n\n\n