Bitcoin price has dipped by an additional 0.57% in the last 24 hours.
The cryptocurrency’s daily trading volume has spiked by 76.73% according to CMC data.
The crypto market turned bearish yet again over the weekend with the largest cryptocurrency showing significant price dips. Bitcoin’s price dip has rendered uncertainty in the market with altcoins showing volatility and turning bearish. As prices have raised a tumult there has been a lull in activity within the crypto sector.
Bitcoin began its downward movement on August 30 as prices struggled to stay at $60K. While investors held out expectations for bullish turns, BTC failed to factor in the positive momentum. Subsequently, on September 1, it traded at $58K levels and recorded an additional 1.30% price decline in the last 24 hours.
Moreover, in the early Asian hours of September 2, Bitcoin price slid to a weekly low of $57,128. After this, the token is currently attempting to show slight upward movements. At the time of writing, Bitcoin was trading at $57,720 as per CMC data.
Zooming out, over the past week, the crypto asset has recorded a 9.71% decline in prices. The token, 7 days ago, having witnessed a bullish momentum traded at a high of $64,001. Following this, as bearish movements took over, prices slid to current levels.
Parallely, the US spot Bitcoin ETFs have also shown considerable outflows in both weekly and daily investor activity. According to Sosovalue data, the spot BTC ETFs recorded daily net outflows of $175.67 million as of August 30.
How has the Bitcoin Price Affected Market Sentiments?
As aforementioned, Bitcoin price dip has caused other altcoins such as Ethereum and Solana to show price dips over the past few days. The overall crypto market cap has shown a 1.87% decline in the last 24 hours.
BTC/USDT Daily Price Chart (Source: TradingView )
Additionally, Bitcoin’s short-term 9-day MA crossed over to stand below the long-term 21-day MA at $59,795 as per TradingView reports. Moreover, BTC’s RSI stands at 41.72 showing an existing selling sentiment among investors.
However, according to LookOnChain reports, a particular whale was seen buying 1K BTC in the last few hours. Contrastingly WhaleAlert reports stated several whales dumping Bitcoin in leading exchanges. This shows that while some investors have bought tokens during the drop others have shown selling movements.
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