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Bitcoin has started the day posting losses. At press time, the largest cryptocurrency by market cap is trading at $9,099.04 (-4.21%), according to CoinMarketCap.

However, Bloomberg's senior commodity market analyst Mike McGlone thinks BTC could reach $10,000 and remain above this level.

McGlone claims the increase in the number of active user addresses is a clear evidence of the expansion of the crypto.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $201.67 (-4.05%), while XRP has dropped by 1.12% and is now trading at $0.198.

FxPro's team of analysts say:

"Bears seem to have won this battle, which has resulted in both the reference crypto and altcoins falling. Thus, over the last 24 hours Bitcoin has lost about 5% of its value and is currently trading slightly above $9,000. However, there is some positive news. The price crash has coincided with a slight increase in trading volumes. In addition, shortly after falling below $9,000, Bitcoin has received support from buyers, who have helped the crypto to return to above $9,100.

Now that the reference crypto is around $9,000, this price could be considered too high for buyers and too low for sellers. The greed and fear index has lost 7 points in a single day, falling again to the 'fear' area, while the RSI for the BTC/USD pair has also dropped, however, it remains in the 'neutral' area.

Technical indicators and sentiments indicate the market is waiting for further triggers. The price of the crypto could go either way at the moment, however, the longer Bitcoin is unable to grow, the more likely it is to face a sell-off."

According to CoinMarketCap’s ranking, all currencies on the top 10 are in red.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $252,293,852,081.

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