Bitcoin Continually Fluctuates, Experiences Lowest Bearish This Year

Bitcoin continues to decline to its lowest level this year. (photo: doc. unsplash)

JAKARTA - Bitcoin (BTC) fell sharply after trading continued since September 7 as a volatile day saw the price of BTC drop below US$43,000 and became one of the most volatile days of the year.

The bitcoin whales are now being blamed for the massive BTC sell-off, which sent the price down. Data from Cointelegraph Markets Pro and TradingView captures high volatility as Bitcoin suddenly lost the $50,000 psychological level.

The move comes just hours after analysts unanimously agreed that BTC/USD must hold at $50,000 to maintain its bullish momentum.

One of them, Michaël van de Poppe of Cointelegraph, highlighted $49,500 as a point of no return if it fails to hold on as support. After that, he said, $44,000 could be next.

He later noted that Bitcoin had closed the weekend's CME futures gap.

At the time of writing, with prices still volatile, Bitcoin is trading at around $46,700 well below the desired minimum, having hit the $47,200 level.

Trader and analyst Scott Melker, known as "The Wolf of All Streets," blamed the large-volume traders.

“Leave it up to the pope to dump Bitcoin on the day El Salvador makes it legal tender,” he said. "Real volume on sales too."

As Cointelegraph reports, the largest cryptocurrency hit 52,960 US dollars, its highest after nearly four months, on September 7, the day El Salvador adopted Bitcoin as its currency alongside the US dollar.