Bitcoin Dips Below $8K in First Since June

Bitcoin Dips Below $8K in First Since June

Bitcoin (BTC) has once again shocked investors after a sharp sell-off Tuesday saw it quickly drop $1,000 in value during a single trading session.

Over the course of 30 minutes, beginning at 16:00 UTC on Sept 24, prices dipped below $8,000 — its lowest point since June 12 of this year. In addition, $30 billion has been drawn out of the market over a 24-hour period as investors sought to close their positions amid a frenzied sell-off.

Eyes are now firmly fixed on the 200-day moving average (MA) that would officially mark the start of a new bear market should a strong close below $8,311 occur.

The price drop may have been exacerbated by margin calls and contract liquidations on Bitmex