Bitcoin has now entered the era of increasingly bearish signals, which seemed to be the month of prosperity after the August bull race. The asset saw several lies that took it to a two-month high, which on several occasions successfully exceeded the $ 52K resistance range. Throwing the whole market into an extended period of positive sentiment.
September has now come up with its own unique issue for digital resources. Bitcoin prices have been suffering since the beginning of the month, starting with a flash crash that shook the market for just one week in September. The market continues to suffer from the aftershocks of this flash crash, which has left blood marks on the market, and has largely led to liquidation.
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The price of bitcoin leads to catastrophic sales
In just a few days, the price of Bitcoin has dropped from 47 47,000 to 40 40,000, which has started liquidating the market. The equivalent of দীর্ঘ 860 million across the long liquidation exchange. The liquidation took place within two days after the price of digital property inevitably dropped to $ 6,000,000 on Tuesday, September 21st. Significantly, however, the liquidation, which spanned two days, was still below the sales seen after the e-September crash.
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The liquidation started on Monday as the অবস্থ 40 million long position in the market came to an end. And the following Tuesday, a total of 0 390 million in long positions were also liquidated. At the moment, Bitcoin prices have reached unprecedented levels since mid-August. And as market sentiment moves in the negative direction, prices continue to fall.
BTC longs liquated on Monday and Tuesday add up to $860 million | Source: Arcane Research
Current sales were below 1. 1.2 billion in early September, suggesting that current sales are more organic than ever before. Also, it shows that the current market is more affected by spot activity than the derivatives market.
September and its chokehold in the market
September has historically brought challenges to the crypto market. So the crash that happened at Bitcoin and the entire market at the beginning of the month is on-brand. September has crashed with at least a 17% price loss in the last four years and 2021 seems to be consistent with this trend.
However, the end of September has always brought good forecasts for the next month. Chart analysis shows that crashes occur in the month prior to recovery which forces the market to recover its lost value. Setting up the market to run another bull.
BTC price trading north of $43K | Source: BTCUSD on TradingView.com
BTC’s price has now returned to its bottom on Tuesday, with digital assets falling below $ 40K. Bitcoin is currently trading above $ 42,000 at the time of writing. Although the total market cap has come down to below 800 800 billion.
Featured image from Bitcoin News, charts from Arcane Research and TradingView.com