The world’s largest cryptocurrency Bitcoin (BTC) is currently facing sell-side pressure along with the entire crypto market. Earlier today, the Bitcoin price dropped under $45,000 hitting its new weekly lows.
As of press time, the BTC is trading 3.42% down at a price of $45,302 and a market cap of $850 billion. Bitcoin technical charts show that investors might have to brace for some volatility going ahead in September.
The two major support levels to watch further will be the 50-day and the 200-day moving averages. If the Bitcoin bears manage to breach that, we could be potentially heading for $40,000. Speaking to Bloomberg, Matt Maley, chief market strategist for Miller Tabak + Co. said:
“Like it did on Tuesday, the 50-day moving average provided some nice support for Bitcoin — that’s the good news. The bad news is that if it breaks below that line over the coming days, it’s going to worry traders.”
Over the last decade, September has been the most challenging month for Bitcoin and the overall crypto market with full of volatility. In September, Bitcoin has ended in negative for 6 out of the last 10 years.
Bitcoin (BTC) and the overall cryptocurrency came under strong correction earlier this week just on the day El Salvador made Bitcoin its official currency. However, in hours of launch, El Salvador’s digital wallet system collapsed with several citizens complaining about installation issues.
JPMorgan analysts were quick to put the blame on El Salvador for Bitcoin and the overall crypto market correction. JPMorgan Chase & Co. strategists led by Nikolaos Panigirtzoglou wrote:
“El Salvador’s ill-conceived experiment should not be critical for the future of Bitcoin or cryptocurrencies. Crypto markets suffered from El Salvador’s glitches this week, but that was from a frothy backdrop.”
While bitcoin is currently under sell-side pressure, CryptoQuant CEO Ki Young Ju Bitcoin’s supply on exchanges can break its previous lows. He expects further sell-side liquidity crisis in Bitcoin (BTC).
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