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

Since July 10, the price of Bitcoin has fallen from $13,200 to $9,684, with major cryptocurrency exchanges, including Coinbase, recording a 26.6% drop within a period of seven days.

The recent pullback of Bitcoin is widely believed to be a technical factor that was pushed by sellers who took control of the market once the dominant crypto asset went below key support levels at $11,000 and $10,700.

Why President Trump's and Secretary Mnuchin's statements may not be bullish for BitcoinSome industry executives, like Digital Currency Group CEO Barry Silbert and Ikigai Fund founder Travis Kling, have said that the remarks on Bitcoin by President Trump and Secretary Mnuchin can be acknowledged as a bullish event for the first cryptocurrency.

"The Chairman of the Fed and the Treasury Security both agree that Bitcoin is a speculative store of value. Both of them, along with the President, agree that Libra and Bitcoin are two very different things. Wildly no bullish,".

"Never imagined I'd be watching the Treasury Secretary of the United States hold a press briefing from the White House re bitcoin and cryptocurrencies so soon."

How will markets continue to react?Speaking to Cointelegraph, a cryptocurrency trader and technical analyst known to the community as Satoshi Flipper stated that despite volatility in the price of Bitcoin and other major crypto assets, there are many fundamental catalysts for Bitcoin to observe.

In a block reward halving, a mechanism of the Bitcoin blockchain protocol that is triggered in approximately every four years, the reward miners receive in Bitcoin for mining blocks for the blockchain network is decreased by half.

"There are so many catalysts for bitcoin right now. Too many to list. But this time around, Wall Street and mature institutional players are much more involved in trading and building products around #Bitcoin for adoption. Everywhere you look now, you can see cryptocurrency influence starting to take hold. All industries are getting involved. I expect this major push for adoption to accelerate even more during this current bull market. To the point where in a few years, we will see Bitcoin and crypto influence in everyday life."

"I've talked to a lot of miners around the world, a lot of them have said they have sold enough bitcoin to get us through the next year or so and we are going to hoard bitcoin at this point in time and we are not going to sell it and the supply of bitcoin will get cut in half. Just real simple economics: lots of demand hitting little supply, price goes higher."

The drop in the price of Bitcoin from around $10,500 to below $9,500 within minutes came across as a shock to many investors and traders - not because of the range, but due to the speed of the decline.