Analysts Explain Why Bitcoin Price Risks Falling Below $10K

Bitcoin jumped above the $10,000-level on Sunday for the first time in almost two months. The rally appeared as falling yields on US bonds lifted demand for safe-haven assets. Nevertheless, some analysts, including gold bull Peter Schiff, expect Bitcoin to correct below $10,000 in the coming sessions. Bitcoin broke above $10,000 on Sunday after consolidating inside a sideways range for almost two months. The benchmark cryptocurrency rallied 8.19 percent in a three-day winning streak, hitting $10,333 as of Monday. Market analysts, including veteran trader Jonny Moe, noted that BTC/USD could extend its move towards or beyond $10,500, a level it previously tested for a breakout in June and February but failed at achieving it. Fundamentals But catalysts are different this time. Bitcoin’s latest rally appeared as the US dollar plunged to its two-year low against a basket of national currencies. In turn, the greenback fell under the influence of plunging…

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