Bitcoin Price Drops to 2-Week Low After Sell-Off Triggers $800 Correction

Bitcoin (BTC) fell to a two-week low today as ranging price action below $10,000 gave way to fresh bearish behavior.

Cryptocurrency market daily overview. Source: Coin360

BTC price drops 8% to test $9,000

Data from Cointelegraph Markets and CoinMarketCap showed BTC/USD giving way during Thursday trading to fall through $9,500 support.

After fluctuating around the $9,500 mark, Bitcoin fell $800 in a matter of hours to reach lows not seen since May 28.

Bitcoin one-day chart. Source: CoinMarketCap

The move follows warnings about the bearish state of the market from analysts, including Cointelegraph contributor filbfilb, who was among those warning that $10,000 would continue to evade the largest cryptocurrency.

filbiflb also noted that institutional investors were feeling less certain under current market conditions.

At press time, lows of $9,070 appeared before a modest bounce brought the price above $9,300.

According to on-chain data provider CryptoQuant, it appears that exchange selling momentum had gathered to increase downward pressure.

“The All Exchanges Reserve points to increased selling pressure as 7,073 BTC flowed into exchanges in 8 hours,” CEO Ki Young Ju told Cointelegraph in private comments.

Earlier, Cointelegraph published a summary of why BTC/USD was continuing to fail at establishing $10,000 as a new price focus.