Bitcoin Below $10,000, Down 26.6% in 7 Days: What Caused the Pullback?

Since July 10, the price of Bitcoin (BTC) has fallen from $13,200 to $9,684, with major cryptocurrency exchanges including Coinbase, recording a 26.6 percent drop within a period of seven days. The recent pullback of Bitcoin is widely believed to be technical that was pushed by sellers who took control of the market once the dominant crypto asset breached below key support levels in $11,000 and $10,700.

BTC price visualization from Coin360

Alex Krüger, a global markets analyst, hinted that the criticism of bitcoin by U.S. President Donald Trump and Treasury Secretary Steve Mnuchin could have contributed to the fall:

“When the U.S. government attacks bitcoin directly, saying it’s exploited to support billions of dollars of illicit activity, based on thin air, and how they are concerned about its speculative nature, and the crypto echo chamber roars ‘bullish,’ it probably is a good time to short. There is nothing bullish in antagonizing with the largest gorilla in the room….