Despite constant selling pressure from scalpers looking to book in fast profits from USD 11,000, Bitcoin bulls are fighting back to try and ensure they at least hold on to gains above the milestone USD 10,000 mark today.
They will have been holding their breath just hours ago, though, when prices slipped just below that line to a low of USD 9,726 around 4:20 am UTC, or around noon China and Japan time. Four hours later, however, as Central and Western Europe emerged, it recovered to current trading levels of USD 10,172 (10:15 am UTC, CoinDesk).
— coinOK (@coinok) July 2, 2019
It has been a battering start to the second half of 2019, but optimists will contrast the past few days of losses with how Bitcoin price is still 10% up from where it was just two weeks ago when it was trading below USD 9,000.
Despite the slipping prices, demand continues to peak in poorer economies with oppressive monetary policies, such as in Zimbabwe, where buyers are willing to pay up to a 600% premium on global averages. In Hong Kong, where political protesters have been looking for money alternatives to avoid unwanted spying, prices are also slightly inflated.
It will be hard to ignore as well how the incredible rise in the latter half of June still ensures that the trend lines for the medium term are looking good for buyers, with this ongoing correction only a short term result of an overheated demand in the past fortnight.
To be sure, those who missed out on sub five-digit prices will now be very glad to enter at such discount prices, particularly as some had predicted there would never again be a chance to buy Bitcoin so cheaply.
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