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The exhausting process continues, and BTC is falling again in search of deeper lows below $58,000. The price, which fell to $57,814, is doing what we have seen after every upward attempt. The process has become much more disturbing due to investors who have become accustomed to it.
Why Is Bitcoin Falling?
There are at least three reasons for this. The first is the dominance of short-term investors in the order books. Investors making quick sales on small gains have lost faith in the rise, at least temporarily. Investor sentiment is at its lowest levels in recent times. The second important reason is the negative historical return of September. In other words, investors, looking at past years, expected new lows even before entering September.
Today’s statements from the Bank of Japan point to more interest rate hikes. If Japan says it will continue after the interest rate hike it made after 20 years, it means risk assets are in for bad days.
With closures below $57,130, the BTC price could make new lows between $54,084 and $50,537.
