Bitcoin price decline to $55,675 amid market turbulence, prompting investors to look at safer assets like gold
A sudden decline in the price of Bitcoin forces investors to shift their interest to other assets like Gold. On September 4, the price of Bitcoin dropped to its lowest at $55,675 as the crypto market responded to the United States tech stock rout.
After making a recovery of almost 40% from last month’s drop, the asset is again heading towards the lower support level of $50K. A United States giant tech stock Nvidia caused Nvidia’s stock prices to shake, leaving a huge impact on other riskier assets.
Gold hit its new milestone, touching its all-time high above %25000 in the last week, and gained 1.3% on Sep. 3.
The Kobeissi Letter wrote in a post on X, stating “September has commenced with a widespread rush to the sidelines,”
CrypNuevo, a popular trader also shared his views on the declining price of BTC, stating that the short-term target is extending towards $51,500.
“7-days liquidations hit at $57k, and $56.6k (4h) long wick filled. Run for liquidity and wick fill projection completed,” he wrote.
Famous crypto trader Jelly also told his audience on X “Sweep + potential 12h bullish divergence forming for Bitcoin, as it tests the support level again,” by showing a table of Relative Strength Index in his post.
He further explained that My target for a drop hasn’t been caught in the initial rise, but we have achieved it now. Let us hope that this is the precursor of a rally, which had traditionally occurred after a relief.
The CoinGlass data revealed that the asset liquidation reached a record level of $200 million. Now Bitcoin is trading at a $56,505 mark, experiencing a daily low of 4.22% according to CoinMarketCap data.
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