After a shaky past few days, Bitcoin has now seen its ever-weakening $10,000 support line be both tested and broken. When the $10,000 mark finally cracked last night—we saw an initial sell-off take Bitcoin to a low of $9,892.
After the initial dip, the price of Bitcoin rose back up to $10,280 before dipping below the mark again, down to $9,850. Despite the sharp drops, it spent less than one hour below $10,000.
It has since bounced back up to its current value of $10,100—a drop of 2% in the last 24 hours.
During the sell-off, $80 million was liquidated on BitMEX, according to DataMish. This also impacted the amount of open-interest on BitMEX—which represents the number of trades currently active on the platform—back under $1 billion, after it hit this milestone last week.
Looking across all major cryptocurrencies over the last 24 hours—it has been a sea of red—with only Litecoin making modest gains (0.9%) across the top 10 crypto projects.
One week ago, Bitcoin made it all the way up to $11,000. But in the last seven days, it has seen $15 billion wiped off its market cap, as it struggles to maintain any upward momentum.