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The price of Bitcoin, the main cryptocurrency by market capitalization, has immersed to the lowest level since the beginning of May, reaching an intraday low of $98,081. BTC’s market cap has fallen below $2 trillion.
In particular, it printed 16 straight 15-minute red candles, which highlights how strong the cryptocurrency market is.
About $400 million worth of crypto has been liquidated in the last 24 hours, with longs accounting for most of the liquidation, CoinGlass. show data.
The leading cryptocurrency has already fallen below $100K for the second time this month.
“Significant” bearish bias
According to the analytical company Santiment, the latter caused a wave of FUD and concerned social media publications by traders.
Historically, purchases are less risky than average due to panic selling by retail traders.
“Sentiment always plays a significant factor, and more often than not, prices will move in the opposite direction of what the majority of the crowd’s narrative is on social media,” the firm said.
As reported by U.Today, OG selling Bitcoin in bulk was considered to be the main reason behind the sale.
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According to Glassnode, the scale of profits taken by experienced investors after breaking the ATH has risen to levels fully consistent with the tops of the earlier cycle at the end of August.
The silver ditch
Chris Kuiper, VP of research at Fidelity Investments, noted that the correlation between bitcoin and gold continues to decline.
To be part of the institutional charts, Bitcoin is supposed to be uncorrelated.
“This is what institutional investors may want and need to see to get the benefits of diversification… If bitcoin is only traded as a leveraged position on something that is already in the portfolio, institutional investors will be able to replicate it only using leverage.” Kuiper noticed.
