Why Did Bitcoin (BTC) Drop? Is This Level the Target?

Bitcoin, which was traded at $ 25,800, fell due to the last minute developments today.

In BTC, which entered the lowest level of the last 2.5 months and saw the level of $ 24,950, daily losses are at the level of 3 percent.

Bitcoin’s sharp decline came after FTX announced its current holdings. Because FTX will appear before a judge in the Bankruptcy Court on September 13 in order to liquidate its assets.

The fact that FTX, which was previously announced to have 1.2 billion dollars in cryptocurrency assets, currently has 3.4 billion dollars in assets, brought a sharp decline in Bitcoin and altcoins.

Although BTC has risen above $ 25,100 as of the news time, the crypto analyst drew attention to an important point.

Anıl, a crypto money analyst, stated that there is $ 30 million waiting to be liquidated at $ 24,876. The price has often been known to drop to levels where a lot of liquidations have accumulated.

$24,876 seviyesinde tasfiye olmayı bekleyen bir 30 Milyon Dolar görünüyor. 🤔#Bitcoin pic.twitter.com/gqjK1zFPfZ

— anıl 💥 (@anlcnc1) September 11, 2023

Currently, the important level for Bitcoin is $ 25,150, while a 4-hour close below this level can deepen the declines.