Crypto

Bitcoin Ends the Day with Disappointing Results Since Sep

Bitcoin price performed yesterday the worst day since September 7th, when it dropped over $10K in 24 hours.

Cryptocurrency prices have been tumultuous over the the last day. Even though this is an inevitable correction that won’t affect the market structure in the long run, it is a fact that Bitcoin had a lousy trading day on September 7th.

Bitcoin had its worst daily candle yesterday since it dropped from $52,000 to $42,000 on September 7th. However, even though the damage wasn’t as severe, BTC opened at about $59K and closed below $54K, showing a significant loss, after it was taking back the bull market few days ago. Read More [Bitcoin and Ethereum are About to Take Back Bull Market]. Although analysts disagree on the exact cause of the drop, many opine that the overleveraged long position created a wave of liquidations.

BTC
Bitcoin Candlestick Chart

As a matter of fact, the liquidations reached over $300 million in no time at all. Nevertheless, the market has since recovered somewhat, and bitcoin’s price is currently above $55,000, while its dominance over the other cryptocurrencies is below 42%.

Currently, the majority of altcoins are in green on a 24-hour log, but if we extend the period for 30 hours, the situation dramatically changes. Also the price of Ethereum fell below $4K, and BNB, Solana, and especially Cardano (ADA) all came under pressure. However, the markets are now recovering from the dump, and this morning, the confidence in the market appears to be returning.

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