đđWhy Did Bitcoin Price Fall? Is a Rise Expected Again? đđ
After reaching $ 66,450, the Bitcoin price fell to $ 64,140, ââfailing to find support at higher levels. So, what are the reasons behind this decline?
Buyers are making an intense effort to push BTC above $ 64,140. After this level was broken, the market gained confidence, pushing the price up to $ 66,450. However, in this range, the current support became resistance, rejecting the price and causing it to fall to the last support level. Meanwhile, the RSI had almost entered the overbought zone.
According to IntoTheBlock's data, the next price zone is the beginning of the heavy resistance zone. In this price range between $66,845 and $78,500, 2.51 million BTC addresses have purchased a total volume of 1.26 million BTC. The high volume in this price range creates a high-voltage area as 8% of Bitcoin holders are still in loss. In other words, 86% of investors are in profit, while 5% are in loss.
The sudden 2.9% drop in Bitcoin price in the last 12 hours has caused $100.99 million worth of transactions to be liquidated. This has led to Ethereum and other cryptocurrencies following the price decline.
The $64,140 level has now become a good support point for BTC. This level is expected to help the price bounce back. Bitcoin has a chance to reach the $66,500 region once again before the close on September 30. If the market closes positively, the new month will push the price to a new resistance area. After this resistance level, BTC is waiting for other dangerous areas starting at $67,350.
My dear friends, do not withhold your free support. I try to bring you such news instantly. My only request from you is that if there is someone who has not followed me yet, I would be happy if they did. Do not forget to like my articles and posts. Thanks.
