Bitcoin [BTC] Investors didn’t expect the king of cryptocurrencies to have any other plans despite the bullish launch on September 6.
Unfortunately, the coin was not worried about the enthusiasm and fell from its initial high of $19,979 Business At $18,739 at press time. This is the lowest BTC price has seen since breaking below $18,000 on June 6.
In addition to its own red, BTC had many others following its trend. Ethereum [ETH]which grew more than 6% and was on the way to $1,700, was fallen up to $1,510.
According to CoinMarketCap, all of these contributed to the entire crypto market capitalization falling below $1 trillion. market tracking platform revealed That market cap was now $937.08 billion.
never walk Alone
Traders also felt the impact, apart from other cryptocurrencies that fell along with BTC. based on coinglass Data, $124.28 million worth of BTC traders were liquidated in the last 24 hours.
The data also showed that the liquidations were not slowing down as nearly $10 million were withdrawn in the past four hours.
Despite the fatality, it seems that BTC investors are perplexed and continue to hoard coins. Blockchain Intelligence Firm, Glassnode has shown Addresses with 10 BTC and above rose to 150,515 after being 150,363 a few hours ago. The same was true of addresses for one BTC and 0.01 BTC.
hold your positions
However, this may not be the time to assume that the bottom is already there. this was it Opinion Cryptoquant analyst Martun Kay. According to him, the current movement of BTC whales accumulating on exchanges was a typical bear market signal.
He added that retail investors would not want to consider the rising exchange whale ratio as a bullish sign.
Therefore, there may be a need to “wait” as BTC may not stop crashing, because discussed Earlier
With Analyst’s Stance, Another Glassnode Data Signal Current bearish momentum. It was a seven-day BTC unrealized loss that hit a thirty-day high of 0.439.
With these mostly downtrend indicators, investors may need to raise their hopes of a BTC rally. Moreover, the fact that there was an increase in volume may not be enough to make up for the deficit.