Bitcoin Risks Slide to $9.5K After Sudden $700 Price Drop

Bitcoin (BTC) risks falling back to recent lows below $9,500, having strengthened the short-term bearish case with a $700 drop earlier today.

The top cryptocurrency fell from $10,843 to $10,082 in the eight hours to 07:00 UTC, confirming an end of the bounce from the Aug. 15 low of $9,467.

Prices slipped into four digits on Aug. 13 and extended gains to levels above $10,900 on Monday. That was bitcoin’s fourth quick recovery from sub-$10,000 levels since the beginning of July.

As a result, some observers are convinced that a new base has been established under $10,000 and the cryptocurrency could soon resume the rally from April’s low near $4,050.

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