Things did not look good for Bitcoin over the past week. The price of Bitcoin rebounded to $8,540 on October 1, but then it continued to fall, eventually falling below the $8,000 support level over the weekend. Market analysts believe this is because traders believe that its price may fall further.
Previously, when Bitcoin rebounded to around $8,500, the market expected it to quickly return to above $9,000, but due to a significant drop in trading volume, Bitcoin did not show a trend of bottoming out and rebounding in the short term.
In the past few hours, data from Datamish shows that $16 million worth of Bitcoin long contracts were liquidated on BitMEX. Long contract liquidations could exacerbate Bitcoin's downside in the next 24 to 48 hours, especially considering that spot market volumes typically drop during the weekend.
As of now, the price of Bitcoin is US$8134.6, and the market value of Bitcoin accounts for 66.6% of the total market value of all cryptocurrencies.
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