- Bitcoin (BTC) experienced a four-day decline, falling below $26,600.
- Ex-Alameda Research CEO unveils SBF plans to maintain Bitcoin below $20,000 by selling customer-held BTC.
Bitcoin (BTC) has experienced a significant downturn, marking its fourth consecutive day of losses. The world’s largest digital asset by market value fell below $26,600, a level not seen since the beginning of October. Several factors have contributed to this decline, including concerns related to the ongoing conflict in the Middle East.
On October 11th, Bitcoin suffered its most substantial single-day drop in a month, plummeting as much as 3.2% to $26,561. Analysts have drawn parallels to a similar reaction witnessed during the Ukraine conflict’s eruption last year, indicating how geopolitical tensions can influence investor sentiment in the cryptocurrency market.
Despite the recent decline, Bitcoin is still trading 62% higher since the beginning of the year. While the crypto is far from its all-time high of $68,000 reached during the 2021 bull market, its resilience remains noteworthy.
Will BTC React SBF Trail?
Amidst these developments, Sam Bankman-Fried, also known as SBF, faces legal scrutiny in court. Testimonies have revealed intriguing details about his actions, including alleged efforts to suppress Bitcoin’s price below $20,000 artificially. According to ex-Alameda Research co-founder Caroline Ellison, SBF instructed the hedge fund to sell BTC acquired from FTX customer funds strategically to stabilize prices. This revelation sheds light on the complexities of the crypto industry and its regulatory challenges.
However, Credible Crypto, a closely followed figure in the cryptocurrency community, believes that Bitcoin is poised for a rebound after dipping below the $28,000 level. Despite the possibility of a brief pullback below $27,000, the analyst maintains an optimistic view, setting a target of at least $27,100 and emphasizing that to uphold the bullish trajectory over a longer time frame, Bitcoin should not fall below $24,800.
At the time of writing, Bitcoin is trading at $26,835, experiencing a slight decline in the last 24 hours and a 2.8% decrease over the past week. Nonetheless, daily trading volume has increased by 7.5% in the last 24 hours, reaching $12.4 billion.
