The bitcoin market is once again experiencing volatility. Bitcoin’s price has dropped significantly in the last 24 hours. Bitcoin is currently trading at $42,732 and has lost 9.5 percent of its value. Bitcoin and the greater crypto market had an uneventful week, with the leading cryptocurrency oscillating between $42,000 and $48,000.
At the same time, the fear and greed index fell to 27, indicating that investors are becoming concerned.
Approximately $1 billion in BTC was liquidated on Monday morning, with over 7,000 BTC leaving exchanges at the same time.
Bitcoin saw $62 million in net outflows in August, marking the fourth consecutive month of net outflows for Bitcoin-based products. This trend changed in the first week of September (beginning August 30), with Bitcoin products seeing inflows of $59 million, the greatest amount of weekly inflows since the May flash crash.
The BTC price has been under a lot of pressure in the last two weeks, as the daily chart illustrates. The token has plummeted by more than 17 percent since reaching a high of moreover $52,000 earlier this month.
The active daily candle’s massive drop appears to have found brief support at 42446. However, given the ongoing bearish pressure, a breakdown of this level cannot be ruled out. If this happens, the next downside target is 41,151. Subsequent drops could bring in 38,763 and 34,946 people before the end of the year.
On the other hand, the initial goal for recovery following the intraday rebound is 47,356. If the rally continues, 48380 will be a new objective, as will 50,000 if the Bitcoin price can break beyond last week’s highs. If the May 2021 highs are to be surpassed, bulls must beat the price of 51,174.