Bitcoin (BTC) lost traction at the USD 20,000 mark yesterday and then started to fall steadily again. Until early this morning, when the price also lost its grip on the $19,500 and made another big plunge. Bitcoin plunged all the way to $18,750 this morning and is rising to $18,850 on FTX and $18,800 on Bitvavo at the time of writing.
With that, the BTC price is almost 8% in the minus today. The trading volume increased by 49% in the past 24 hours. The total market capitalization comes to $360 billion and the dominance at 39.5%. The Fear & Greed Index comes in at 21 (Extreme Fear).
Bitcoin news from yesterday
Bitcoin seems fast heading for new lows
After the big plunge on September 13, the Crypto Insiders analysts already started talking about new lows to talk. The bitcoin price consolidated around $19,750 last week and analysts had first expected a breakout towards $21,000. This is where the 0.5 Fibonnaci level is located. They are now expecting a high probability that we will see a new low below USD 18,500.
Keep in mind that the chart below is from yesterday, when there still seemed a high probability that bitcoin would rise to $21,000 first. Do you have questions about this analysis? You can ask these in our Discord environment where a new price update will follow soon.
Bitcoin miners convinced of long-term potential
Miners are an important part of the Bitcoin network. When many miners are active and the competition is fierce, this shows that people have confidence in the network. Therefore, the hash rate and mining difficulty reached new records last week. The Bitcoin difficulty ribbon compression is a metric that takes into account the difficulty of analyzing whether a potential bottom is close. This metric is shown in the graph below.
A low value (indicated by the green band) means that the difficulty level is increasing significantly. Last week, the difficulty ribbon compression metric hit a record low. This shows that miners continue to invest in the network despite the low price.
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