Bitcoin price falls below $10,000 for third time this week

Bitcoin prices fell below $10,000 for the third time in a week. The previous drops below five figures were on September 5 and 7. Bitcoin observers are watching to see if its price can stay above $10,000.

Bitcoin price has fallen below $10,000 for the third time in four days, having already breached the psychological figure twice in the past week. At the time of writing, Bitcoin is currently trading at $10,138.

On September 5, 2020, Bitcoin fell to $9,958, then broke through the $10,000 mark, and fell back to $9,946 two days later. However, despite the continuous decline, Bitcoin is still at one of the highest points in its life cycle. Bitcoin has spent the longest period of time above $10,000 for several consecutive days.

“Despite last week’s price drop, we should remember that Bitcoin is in its seventh week of spending above $10,000 for only the third time in history,” said Philip Gradwell, chief economist at Chainalysis.

Aside from falling below the five-digit mark, prices have remained relatively stable, with other coins like Chainlink taking a bigger hit; it’s down 3.5% today.

The $10,000 mark has long been psychologically important for Bitcoin, with Gemini founder and CEO Tyler Winklevoss saying he had his eye on the $10,000 mark during Bitcoin’s first price drop this week.

Winklevoss said: "Remember when Bitcoin fell well below $10,000? Now Bitcoin is easily back above $10,000. Bitcoin is consolidating before the next breakout."

He is not the only one who has been talking about Bitcoin on Twitter recently. His friend Dave Portnoy, president of Barstool Sports, also tweeted the word Bitcoin, along with a screaming cat emoji, perhaps congratulating himself for coming out at the time. (Penguin)