In a week of intense selling, the price of bitcoin (BTC) fell below $ 10,000 for the first time since late July, prompting market concerns.

Following the announcement on August 17 of an internal summit worth about $ 12,500, BTC fell from $ 11,250 to $ 12,100. However, over the past three days, sellers have given up $ 12,000 and have taken over the market. Almost four hours ago, Bitcoin briefly switched to $ 9,990 after a seven-week price move above $ 10,000.

While buyers are quickly pushing prices towards five-digit numbers, many traders expect prices to fall further to find the latest CME gap at $ 9,700.

The legendary “ CME gap ” occurs when markets make a strong move outside of the trading time traded in the bitcoin futures markets on the Chicago Mercantile Exchange, creating a price gap on the charts – with the latest gap occurring after bitcoin suddenly rallies higher. $ 10,000 in mid-August.

The gap would then be “bridged” if the cards bounced to test the missing price area on the CME chart, suggesting that the markets will test the $ 9,700 area again.

However, not everyone is convinced that the CME gap is the culprit in the recent cryptocurrency, and some analysts attribute the decline to a significant link between bitcoin and the old markets, as the tech sector drove the S&P 500 down 4% earlier. Today:

Others speculate that Ethereum (ETH) gas charges triggered the DeFi bubble, resulting in a rebound. Both BTC and ETH dropped to 20% in about three days. Crypto Fear and Greed is currently at 40 (fear), which has dropped sharply from yesterday’s 79 (extreme greed).

Source: CoinTelegraph