Bitcoin struggles as the price has come under significant pressure this week as it failed to hold the $10,000 level. It had reached quickly since starting the new year around $6,900.
The price broke $10,000 on February 9. BTC managed to defend the breakout for a couple of days. However, it could not hold its own against a wave of profit-taking.
The $9,500 support is holding for now. Earlier, it had served as the launchpad to breach $10,000. While downward pressure is increasing as market sentiment is turning bearish, the RSI is also cooling down. Technical analysis indicates that a fall to $9,000 should be the worst-case scenario in the short to mid-term.
On a positive note, $10,000 is still a realistic target, but investors may hold off for now given the negative comments coming out of the United States.
Last week, United States Secretary of the Treasury Steven Mnuchin said that new crypto regulations are on the way, while the Department of Justice is calling Bitcoin mixing a crime.
Meanwhile, a positive driver for the price has been the upcoming Bitcoin halving. Despite this, it is possible that the development may be priced-in at $10,000 per Bitcoin. For now, $10,000 is a major price level for Bitcoin, and if this is not exceeded, it may spell misfortune for the price in the long-term.