It all came crashing for Bitcoin when the US equity markets picked up strong demand, causing excess supply for the cryptocurrency. Meanwhile, the main problem for BTC came when the creator SUSHI (a popular DeFi asset), Chef Nomi, sold huge portions of his holdings. This triggered a sell-off in DeFi assets, Ethereum, and ultimately, Bitcoin.
In the past 24 hours, BTC has reached its lowest point since July 26 ($9,878).
Key BTC Levels to Watch
The most important level to watch here is the $10,000 mark. BTC could find short-term respite if it ends the day above this level. If Bitcoin loses its hold of this area, we could see the $9,800, and subsequently the $9,600 CME gap.
On the flip side, there could be a strong correction from this level, which could send the primary cryptocurrency back into the $10,500 – $10,800 pivot region and later to the $11,000 level. After that, the 11,200 – 11,650 region will come into play again.
Meanwhile, according to indications from our MACD on the 4-hour chart, BTC is well within oversold conditions now and a strong rebound is currently brewing, giving more credence to a near-term Bitcoin recovery.
Also, this week’s correction came with intense volume, which has been recorded to be the highest for the past 30 days. That said, it only makes sense that a correction to the upside should be expected. Bitcoin will become bullish again if it crosses the $11,000 mark.
Total Market Cap: $325.9 billion
Bitcoin Market Cap: $188 billion
BTC Dominance Index: 57.8%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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