Bitcoin (BTC) fell sharply on September 7th. The BTC rate has fallen below $ 43,000, making it the most volatile day of the year so far.
Whales are behind big BTC sell-offs
The volatility can be clearly seen in the data from Cointelegraph Markets Pro and TradingView as Bitcoin suddenly fell below the psychologically important mark of $ 50,000.
Just hours earlier, analysts had said that the BTC / USD pair would need to receive $ 50,000 in order to maintain the upward momentum.
Michaël van de Poppe from Cointelegraph was one of these. He labeled the $ 49,500 level as the point of no going back if it doesn’t hold as support. He also stated that it could go as low as $ 44,000 below that.
He also pointed outthat Bitcoin closed the CME futures gap over the weekend.
At the time of going to press, the price was still unstable. Bitcoin was around $ 47,000, well below the desired minimum.
Trader and analyst Scott Melker, known as “The Wolf of All Streets,” attributed this to high-volume traders.
“Of course, the whales sell Bitcoin the day El Salvador makes it legal tender,” he said.
“There were also very large volumes on this sale.”
As Cointelegraph reported, the largest cryptocurrency hit a daily high of $ 52,960 on September 7th. At the same time, this is the highest level in four months.