- Bitcoin price drops closer to the $26,000 margin, marking its 2-month low.
- BTC is locked in the greed zone, as the Fear and Greed Index points at 37.
The act of Tesla CEO Elon Musk’s SpaceX selling its giant Bitcoin (BTC) lump — worth $373M — turned about to be a striking Bitcoin FUD of the day. Amid this, distressing traders and investors, Bitcoin (BTC) dropped to its 2-month low, reaching below the $26,500 level.
Notably, according to the WSJ reports, SpaceX held $373M of BTC over the last year and also in 2021. Meanwhile, it is unclear whether the sold holdings of the satellite operator are true. It stands as mere speculation. This is also paired with the bankruptcy event of China’s real estate giant Evergrande.
Current Status of Bitcoin (BTC) Price
At the time of writing, as per CoinMarketCap, the Bitcoin (BTC) price was $26,430 after a sharp fall of 8% in the last 24 hours. On Binance, BTC/USD marked its low at $26,081, as per TradinView data. This speculation-driven price decline eventually spiked the daily trading volume to 110%.
On the daily price chart, the relative strength index (RSI) fell into the oversold territory. The price of BTC remains locked under the control of the bears with reference to the moving averages. It lies below the short-term 20-day exponential moving averages (20EMA) and 50EMA.
Impact on the Bitcoin Investors’ Sentiment
The abrupt fall was minimally expected by the crypto analysts and predictors and it also pulled down the performance of the entire pack of altcoins. This crucial downtrend in the market pulled up the conventional dip trend, “Buy the Dip” on socials.
After #altcoins spent the past week bleeding, #Bitcoin finally had its own implosion… and took all of #crypto down with it. Prices are rebounding slightly, but this dip was enough for the crowd to call for #buythedip at the highest level since April. https://t.co/SwBU58tnqr pic.twitter.com/O65Hs0w8VM
— Santiment (@santimentfeed) August 17, 2023
Interestingly, the crypto analytics firm Santiment reported a surge in the social volume of the keyword “Buy the Dip.” This particular keyword has risen to attain the highest peak since April. But the panic prevails as clearly indicated on the Fear and Greed Index, which is currently at 37.
