Bitcoin has really dived below $9,000 this year once again. The reasons for the decline are dependent on several very important factors. Below are some potential clues that clarify the whole secret of the collision of the most popular cryptocurrency. At that moment the BTC price dropped from $9274 to $8840.
The reasons for the drop in bitcoin price can be seen in the outflow of whales from the stock exchanges . Friday’s price drop, at least in the area of so-called order books, signals a huge sales pressure on the owners of the most prosperous portfolios. It is very possible that the bitcoin giants decided to realise part of the profits from the October increases.
As the mathematician and cryptocurrencies analyst Gabor Gurbacs points out, the order book on the stock exchanges leans towards the bear side. He also stressed that despite this, the situation may turn around very quickly.
Poor use of BTC
Bitcoin transactions may seem extremely sluggish over the past week. This has indirectly dulled the price change. Unused BTC inhibited the very possibility of changing the dynamic price. Any transactions that take place in the most popular cryptocurrency network may signal volume growth. Bitcoin is in fact the only cryptocurrency one that has a strong correlation between the number of transactions in the chain of blocks and the price change.
Bakkt speeds up
The futures platform has recently recorded an increase in sales of contracts. The total value of contracts already sold is approaching the value of 1000 BTC within 24 hours. It is still a small value compared to the whole cryptocurrencies market. Nevertheless, the reasons for the decrease in the bitcoin price may be located in this place. Below are presented the data coming from the Bakkt platform.
BTC price in dangerous waters
An important element of the most popular cryptocurrency price research is the analysis of charts. Twitter analyst BitcoinCatz noticed that bitcoin was in the Death Cross pattern on a daily chart. The last time it happened was in 2018 in March. This was followed by a significant fall in price. It turns out that leaving the zone will require a lot of effort as well as organized effort.
Weak nerves leave the market
The popular The Kong is a supporter of this theory. He claims that the October increase will result in nothing more than testing the level of $8400. A forty percent change in the BTC price cannot be left unresponsive under any circumstances. At this point, most of the weaker crypto players should once again leave the market in order to be able to prepare bitcoin for a long-term price increase.
Bitcoin is highly volatile
Such a paraphrase is best described as a king cryptocurrency. It is difficult to determine which of the above reasons has the greatest influence on the price decrease. However, it is certain that all these elements play an important role in the development of the current market situation.