Bitcoin crashes below $ 8,000 for the first time since June of this year

On the night of September 25, the rate of the first cryptocurrency collapsed by $ 13% and even dropped below $ 8,000 for the first time since June of this year. Now the price of bitcoin has recovered a little and is at $ 8,600.

Along with the depreciation of the first cryptocurrency, the market lost about $ 30 billion of capitalization. Altcoins also fell noticeably – some of the top ten coins by capitalization lost more than 20%. Sales were accompanied by large-scale liquidation of long positions on the BitMEX exchange – in just 4 hours, the trading volume on the site exceeded $ 3 billion.

Analysts say that now the main attention is focused on the level of $ 8 310, which is the indicator of the 200-day moving average (MA). If the Bitcoin exchange rate consolidates below this level, this may mean a trend change to a bearish one and a further decrease in the first cryptocurrency and the entire market. At the same time, the price of bitcoin may fall to $ 6,200.

The reasons for such a sharp decline are not obvious. After the start of sales on the BitMEX exchange, a large number of long positions were liquidated, many of which were closed by margin call. Perhaps the depreciation of the first cryptocurrency was influenced by the launch of the platform for institutional investors Bakkt, which did not attract as many traders as Bitcoin enthusiasts expected.