The Bitcoin (BTC) price has fallen rapidly by several percent. After a long period of no volatility, the price has now reached a very important support level. In this update, we discuss the current state of affairs and the possible reason for this price drop.
Bitcoin price is falling quickly
First of all, the Bitcoin price. Until around 4 p.m., Bitcoin was trading at around $25,800, as it had been for some time. However, after this time, Bitcoin began a rapid decline, with the price falling just below $25,000 an hour later.
$24,800 has often proven to be a crucial support level at Crypto Insiders. That’s because low which Bitcoin reached in June. Now the price has regained that level and seems to offer enough power for now. To prevent another bloodbath, it is important that bitcoin does not fall below $24,800
The support/resistance zones of #Bitcoin
— Seth (@seth_fin) September 11, 2023
At the time of writing, the Bitcoin price on the Bybit crypto exchange is $25,153. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 23,381.
The Bitcoin course is currently 2.50 percent lower than a few hours ago. Most altcoins are currently suffering more losses than the king of cryptocurrencies. Among the top 10 cryptocurrencies, Ethereum (ETH) and Ripple (XRP) suffered the largest declines, with declines of 3.60 and 5.05 percent, respectively.
Fear of BTC dump FTX
You may have seen the news today about bankrupt crypto exchange FTX, which may receive the green light from the court to liquidate its assets next Wednesday.
Rumors are currently circulating on X, formerly known as Twitter, that large amounts of BTC have been deposited on exchanges in connection with the collapsed crypto exchange. However, Axel Adler Jr., crypto analyst at the analysis platform CryptoQuant, said that there are currently no unusually large volumes deposited on the exchanges. In fact, the inflow volume to crypto exchanges would be small.
🚨 Rumors are circulating on Twitter that large amounts of BTC have been deposited on exchanges related to FTX assets.
There are currently no unusually large volumes deposited on the stock exchanges! On the contrary, a red flag has appeared indicating low volumes. pic.twitter.com/v5PKuKzSIn
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) September 11, 2023