The BTC price is undoubtedly still in the period of correction.
Last night (September 10, UTC) saw BTC's price drop below the $10,000 psychological mark to where the 120-day moving average passed before rising back to the $10,100 level. However, at around 05:50 today on September 11, the king coin's price lost ground at $10,000 again and has been fluctuating near this key point thereafter.
The 120-day moving average has been proved to be a solid support level, but remember the law of diminishing marginal utility when the price of BTC plummets as the 120-day moving average has leveled off.
As can be seen from the four-hour chart, the price of BTC continues to set lower highs and lows, indicating an obvious downward trend. The latest rebound on the four-hour chart faces massive pressure near short-term moving averages, which portends Bitcoin bulls could be weary from endless struggles and the BTC price is poised to slip back below the $10,000 threshold within the next 24 hours.
While the BTC price decreased, the trading volume increased, and while the BTC price went up, the trading volume went down. This is another signal on the four-hour chart that shows the lack of breakout momentum.
The $10,000 mark itself is merely a psychological, not a support, level. Investors should pay more attention to the $9,300-$9,500 zone which a significant number of BTC holders are betting on. The price is likely to enter a three-month period of depression once it dips below $9,300.