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Bitcoin Price Falls to Lowest Level in 3 Months, Still Potential to Fall

Navigasi - Bitcoin prices fell to their lowest level in three months on Monday (9/5), days after cryptocurrency analysts warned that price charts were sending bearish signals.

Bitcoin Price Falls to Lowest Level in 3 Months, Still Potential to Fall
Bitcoin Price Falls to Lowest Level in 3 Months, Still Potential to Fall


Based on CoinMarketCap data, the price of Bitcoin on Monday (9/5) was at US$ 33,393.61. However, it started to rise and was at US$ 33,582.14 at 11.10 WIB or down 2.68% in the last 24 hours.

Meanwhile, in the past week, the price of the world's largest cryptocurrency in terms of market capitalization fell 13.16%. Bitcoin price is down for five days in a row. But it's been under US$ 40,000 since April 29.

If the Bitcoin price continues its decline and is below $32,951, it will hit its lowest point since July 2021.

Bitcoin prices have mostly held between $35,000 and $46,000 over the past few months. Thus, the latest drop in price might mark the start of a new market trend for the oldest cryptocurrency.

Citing CoinDesk, Bitcoin price chart indicators tended to be bearish last weekend. Because the price of the cryptocurrency with the BTS code broke below the three-month uptrend line.

Reaching an all-time high on November 10 last year, the price drop below US$34,500 indicates a correction of more than 50%.

“BTC continues to be weighed down by macro pressures and general market sentiment,” Joe DiPasquale, CEO of BitBull Capital, told CoinDesk.

"A rise in US interest rates generates volatility but the upside move is short-lived".

DiPasquale expects Bitcoin price to fall further, especially as monetary policy continues to contract. However, he doesn't see BTC falling in the $25,000 to $30,000 range.