Bitcoin price falls below $43K on one of the most volatile days in the year. BTC plunged $8000 within minutes.
Bitcoin opened on Monday at $51K. The price surged to cross $52K. Traders saw $53K as the key resistance. However, the day of El Salvador accepting bitcoin as legal contender alongside Dollar saw the price of BTC plunge by $8,000.
Tuesday, September 7th was deemed as the “Bitcoin Day’ . El Salvador became first ever country to make bitcoin a legal payment method. The day was long awaited since the the bill for this move was approved three months before by President Nayib Bukele’s Government.
Traders anticipated that the historic event would bring bitcoin’s price up. Nevertheless, Bitcoin was rejected by $53K on Tuesday. It subsequently started moving down failing to hold support at $50K.
Bitcoin Price falls due to Sell Off:
after plunging below the psychological barrier of $50,000 bitcoin kept dropping failing to find support at even $45K. Today was one of the extremely volatile day of the year for bitcoin. This kind of downward spiral was only seen the day when China announced ban on BTC mining.
The bitcoin sell off reminded the traders that Whales still have upper hand. The sell off and scrapping of the volume made BTC hit the floor.
The silver lining is that El Salvador is buying the dip like a pro.
It appears the discount is ending 🥲
Thanks for the dip @IMFNews. We saved a million in printed paper.
— Nayib Bukele 🇸🇻 (@nayibbukele) September 7, 2021
Befoe the sell off, Bitcoin was trading at a $52,900 which happens to be the four months high. At the time of this writing, Bitcoin is struggling to get up again. The parent cryptocurrency is changing hands at $47,471.