‘Extreme Fear’ Bitcoin falls below $ 40K … and then bounces

Bitcoin prices have fallen below $ 40,000 for the first time in six weeks.

The slide occurred at the end of the day on September 21, with BTC prices falling 16% from about 47 47,300 at the start of the day, to about ট্যাগ 39,650 for locals to tag at UTC around 9pm. The move marks a 25% recovery above স্থানীয় 50,000 from BTC’s local high on Sept. 7.

However, after Bitcoin hit 29 29,300 on July 20 and peaked in early September, Bitcoin came in after gaining more than 80%. Bitcoin has since recovered just over ২ 2,000,000.

Bitcoin was not alone in suffering a sharp price decline on September 21, with 29 of the top 30 crypto assets by 24-hour drydown market cap, according to CoinGecko.

According to the Crypto Fear and Greed Index, bearish price action coincides with a feeling of “extreme fear” across the market. Just a month ago, the metric indicated “extreme greed”.

“Mr. Whale” announces to his 300,000 Twitter followers that “the bear market is here.”

The infamous gold rush Peter Schiff shouted, Forecast Altcoin growth will soon “exceed demand” until crypto bubbles pop Bitfinexed Believes that the credit problems of Chinese real estate giant Evergrand will threaten Teether Reserve and larger crypto markets through systemic risk.

Prices have fallen even after SEC chairman Gary Gensler compared stackcoins to poker chips and called for tighter control of the sector.

However, most of the crypto Twitter reports of enterprising deep-buying in response to market action, with some analysts claiming that Bitcoin is ready to recover if prices remain above local support.

Galaxy Digital CEO Mike Novgrag appeared on CNBC saying he wouldn’t feel “nervous” unless BTC failed to keep উপরে 40,000 above and Ether crashes below 8 2,800. “As long as those [price levels] Hold on, I think the market is in good shape, ”he added.

Novogratz is not alone in taking the 40,000 level as an important support zone for BTC, with popular analyst William Clement III recently claiming that Bitcoin is unlikely to fall below 39 39,000 due to its liquid supply floor and “real-time shortage”.

Related: Ethereum forms a double top? ETH loses 12.5% ​​in risk of evergreen infection

Looking at the fourth quarter, influential Lark Davis notes that both the 2013 and 2017 final quarters saw more than 300% rally, respectively, as previous bull cycles were on the rise and the Bitcoin Exchange-Traded Fund (ETF) price hike in the U.S. Can