Bitcoin Dips Below $110K as Analysts Assess Potential for Further Decline
BTC is nearing a critical threshold that could drop it to $93,000 before a possible rebound later this year, according to analysts from Bitfinex.
Key Highlights:
- Bitcoin fell below $110,000 after a recovery attempt faltered. BTC associated assets MetaPlanet, Nakamoto, and Bitmine all experienced price drops.
- Analysts from Bitfinex project a support range around $93,000 to $95,000 during this correction.
- A strategist from LMAX Group indicates September’s underperformance may lead to stronger market behavior later in the year.
Bitcoin’s struggle continued as it dipped under $110,000 on Thursday, following a week where prices touched $112,600 just days prior. The price dropped 2.2%, settling around $109,500, which cancels the weekend’s gains that began at $107,000. Other cryptocurrencies like Ether, Solana, and Cardano also fell substantially.
Market pessimism is heightened as September historically proves to be a challenging month for Bitcoin and the overall crypto landscape. Meanwhile, the price of gold surged past $3,500, which may be diverting investment from riskier assets like Bitcoin.
According to a report from Bitfinex, Bitcoin is witnessing its third consecutive week of downward movement since reaching a peak of $123,640 in August. Reports suggest that if Bitcoin’s support near $108,900 does not hold, it may indeed drop to the sector’s traditional recession level around $95,000.
Despite these concerns, Joel Kruger remains hopeful, suggesting that September often serves as a consolidating period before stronger actions as the year progresses. For detailed analysis and updates, subscribe to our newsletter.
