Bitcoin Price Dropped Hard With This News! Here are the details…

Bitcoin price drops after a volatile week. Sales seem to be stabilizing, but many altcoins have been underperforming BTC over the past seven days. At press time, BTC is changing hands at $45,453. However, before this level, it hung up to $44,300.

Bitcoin price fluctuates as analysts watch regulatory developments

Although many altcoins have outperformed Bitcoin in the past seven days, the sales seem to be stabilizing. Bitcoin price was trading around $45,000 at the time of writing and has dropped by about 9% in the last week. Some analysts expect BTC to consolidate with nearby support at the 200-day moving average, but resistance remains strong around $50,000. The global regulatory pressure on cryptocurrencies is not over yet.

Source: Santiment As we previously reported, the State Energy Corporation of China announced that it has inspected BTC and other cryptocurrency mining facilities. “The post says that virtual currencies like Bitcoin waste energy and escape financial scrutiny, and also do not have clear legal status in China,” Wu Blockchain said. said. And last week, the European Securities and Markets Authority released a report stating that crypto assets are highly volatile in price and operate outside the current EU (European Union) regulatory framework, which raises investor protection issues. Santiment made the following comments on the subject:

Bitcoin’s rate of positive and negative comments fell into FUD mode after a wave of positivity following the first 24 hours of Wednesday’s drop. As bearish buyers surrender, this could be the real drop to buy, as our data suggests.

Most of the altcoin market today is on the red board!

Ether, the world’s second-largest cryptocurrency by market cap, is holding support above the $3,000 breakout level achieved in August. ETH fell from the $4,000 resistance as buyers failed to match the all-time high of $4,360 reached in May. For now, ETH appears to be oversold on the short-term charts and will likely consolidate by the end of the weekend. Terra’s native token LUNA is up almost 40% on the day as major cryptocurrencies drop. LUNA was trading at $41.32, up 30% in the last 24 hours.

LUNA/USD 4-hour chart | Source: TradingView

Historically, September has not been kind to the market for both stocks and cryptocurrencies. Since 2011, there have only been three periods when BTC had a positive return in September. The market followed a fluctuating course. However, some top-performing altcoins, notably Solana (SOL), continued to rally day by day and record all-time highs, reaching $216 yesterday. Solana’s 11,500% return is very impressive. Most of the altcoin market today is red. Along with Bitcoin, other cryptocurrencies are also falling.

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