Bitcoin’s price slips below $40K, hits lowest point since September

Bitcoin’s price fell to its lowest point since September on Monday.

The price of the cryptocurrency slid to $39,650, the lowest level seen since September 21, according to data gleaned from TradingView. Per Coinbase, bitcoin has since clawed back some of that decline, and as of the time of writing is changing hands at roughly $40,730. 

At current prices, bitcoin is more than 40 percent down from its call time high of $69,000, which took place on November 9.

Monday’s price action appears to be a continuation of last week’s dynamic, with factors such as the US Federal Reserve’s willingness to cut interest rates sooner than expected floated as one possible reason for the broad macro market environment. 

“For the first time in a while we’ve actually turned long vega (longer-dated options). We reckon actual “extreme fear” will kick in below 40,000 in BTC or below 3,000 in ETH. We intend to keep deltas (spot position) very short if these pivot levels break,” noted crypto trading firm QCP. “In the bigger picture, it seems likely that the all-time-highs in BTC + ETH will remain capped for most of 2022 as a result of central bank tightening.”

Coinglass noted $218.2 million in overall liquidations in the past four hours, including $80.29 million in the bitcoin segment specifically.