Bitcoin Price Plunges To Lowest Since August After Asian Market Tumbles, But This New Meme Coin Races Towards $1 Million
The Bitcoin price plunged 4% in the last 24 hours to trade at $56,582 as of 00:34 a.m. EST, despite a 21% surge in trading volume to $31 billion.
BTC fell briefly to $55,000 on September 4, its lowest since August 8, which reversed nearly all gains in the last month. This comes after steep losses were experienced in U.S. and Asian equity markets on Wednesday morning, with major stocks tumbling almost 10%.
Bitcoin Price Bearish – Bulls Aim For A Rebound
The Bitcoin price has been on a downtrend in the last week, dropping from the $64,000 resistance zone, according to data from GeckoTerminal .
According to yesterday’s analysis, the Bitcoin price tumbled below the $56,000 support zone as BTC touched the lower boundary of the falling channel pattern.
The price of Bitcoin now trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which coincides with the current downtrend.
Moreover, the Relative Strength Index (RSI) is moving towards the 30-oversold region at 34 as selling intensifies.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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