RATE Group | Bitcoin steadies below $9,500, down more than 10% for the week
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Bitcoin steadies below $9,500, down more than 10% for the week

28 Jul Bitcoin steadies below $9,500, down more than 10% for the week

Posted at 00:41h in Bitcoin News by

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  • IRS reportedly turns attention to crypto investors in US.
  • $9,000 aligns as the next bearish target for BTC/USD. 
  • A weekly close below $10,000 could bring in more sellers.

Although it looked like Bitcoin was set to enjoy a quiet weekend moving sideways in its tight daily range a little above the $10,000 mark, a sudden selling wave hit major cryptocurrencies during the early European morning on Saturday and caused Bitcoin to erase more than $500 in a matter of minutes. On a positive note, this sharp drop failed to attract more sellers and the BTC/USD pair went into a consolidation phase. At the moment, the pair is down 4% on the day at $9,420. With today’s slump, Bitcoin is now losing more than 10% since the start of the week. 

Concerns over the potential negative impact of the US Internal Revenue Services (IRS) looking into cryptocurrency investors for potentially failing to disclose income related to investing/trading in digital currencies seem to be…

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