Bitcoin Drops Sharply an Hour Before Daily Close! What’s Next?

  • Bitcoin’s price plummeted sharply an hour before the daily close on September 24, 2023.
  • The price slid from $26,500 to $26,148, triggering a short-term LONG liquidation as previously indicated by COINOTAG.
  • Experts predict a pivotal role of the options futures contracts set for September 29, 2023.

A detailed examination of Bitcoin’s abrupt price decline, market predictions, and expert insights on potential factors affecting its near-term trajectory.

Snapshot of Bitcoin’s Price Shift

On Sunday, September 24, 2023, Bitcoin’s price suffered a significant drop, moving from $26,500 to a low of $26,148. Currently trading at $26,275, it represents a more than -1.5% decline in 24 hours. A notable loss of the previously mentioned $26,432 support level and a daily close below this mark might push the price even lower.

Expert Opinions on Bitcoin’s Movements

BTCUSD 1D Chart 24 SEPT 2023

Gideon Wolf, an analyst from COINOTAG, commented on the recent price drop, suggesting that while the short-term LONG liquidations were cleared, the $26,432 support level remains crucial. A daily close below this figure could lead to further drops. Lucien Renard, a cryptocurrency analyst, highlighted the significant SHORT liquidations observed on the monthly chart, pointing towards the $28,300 range. He stressed the potential impact of the Bitcoin options set for September 29, 2023, which totals over $3 billion, suggesting that the 24k P and min 30k C options might keep the price constrained between the $25k-$29k range.

Market Expectations and Potential Outcomes

If Bitcoin persists in closing below the $26,432 support level daily, market participants might see the price retracting to $25,000 or even the $20,000 threshold. Conversely, if the cryptocurrency maintains above this support, it could aim for heights such as $28,000 or even $30,000. The direction Bitcoin will take in the forthcoming days is largely anticipated to hinge on the outcome of the options futures contracts scheduled for September 29, 2023.

Conclusion: A Period of Uncertainty and Speculation

Bitcoin’s recent price dynamics, combined with impending futures contracts, have painted a scenario rife with speculation and uncertainty. As analysts and market participants await the fallout from the options set for September 29, it becomes crucial to monitor support levels and market indicators closely. With potentials for both ascent and descent, Bitcoin’s path remains intriguingly poised.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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