Bitcoin Price Dips Below $10,000 as Next Bearish Wave Materializes

ANOTHER BITCOIN PRICE DIP MATERIALIZES

It is not entirely surprising to see the Bitcoin price go through another small correction as of right now. Such a trend has been forming for several days now, especially when the Bitcoin price surpassed $10,000 again not that long ago. It seems the world’s leading cryptocurrency simply can’t catch a break right now, as the bearish momentum is not relenting whatsoever.

Over the past seven days, we have seen the Bitcoin price as high as almost $12,000. Such a strong gain cannot occur without a correction to follow shortly after. It is the unfortunate way in which cryptocurrency markets work at all times. Ever since almost touching $12,000, we have seen the Bitcoin price go lower and lower every single day. It seems we may be in for another wild ride in this regard.

Even the support at $10,000 did not help matters much. While it helped create a temporary bounce yesterday evening and this morning, it was eventually dumped through without too many problems. For now, one Bitcoin is valued at just over $9,750, but it wouldn’t surprise anyone to see this value dip below $9,500 in the next few hours.

Patrick Byrne, the CEO of Overstock, which was the first major retailer to accept Bitcoin (BTC) back in 2014, has said that he is “not really interested in cryptocurrencies per se,” but revealed a little-known Blockchain project his company has invested “millions of dollars” into in an interview with Business Insider Friday, Feb. 23.

When asked if he’s interested in “everything cryptocurrency” or “really interested in the Blockchain [sic]”, Byrne prefaced his answer by saying he is “really letting something big out of the bag”, going on to reveal both Overstock’s and his personal interest in a virtually unknown Blockchain project called Ravencoin, which launched very quietly on Jan. 3, 2018.