Bitcoin has again dropped to $9,300, failing to make a bullish move towards the $10,000 mark this Sunday. The 3% decline in value over the past 24 hours was also followed by the cryptocurrency market, which sunk to more than $20 billion overnight.
After failing to test the price of $10,000, Bitcoin was only $100 short to rise and hit the five-digit price. Currently, the Bitcoin price is somewhere near $9,335 and the technical indicators such as the Relative Strength Index (RSI) and the Williams’ Percent Range (WPR) demonstrate a fully neutral zone showing that Bitcoin has not been oversold or overbought in the past 48 hours.
However, traders still remain optimistic when it comes to Bitcoin and the upcoming Ethereum Securities and Exchange Commission (SEC) which will take place on May 7th in the US. According to rumors, this conference will gather some of the most popular names in the industry and will regulate the future of Ether to ensure that it is not categorized as a security and that it is compliant with existing regulations.
If the SEC declares that Ethereum is not a security (just like it did with Bitcoin), it will allow the entire market to recover. In that scenario, it is more than likely to see the Bitcoin price moving towards $10,000.
Currently, there are many people and experts who are confident about the future of Bitcoin, claiming that it may even rise to $25k by the end of this year – and even $250k by 2022. However, it is first important for it to reach the $10,000 milestone and keep on increasing.
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