The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Price Plunges Below $8,500 As Analyst Warns Sell-Off Likely Not Over Yet

by Daily Hodl Staff
September 24, 2019
in Trading

In a flash, Bitcoin plummeted to as low as $8,370 on Tuesday, sinking well below a series of resistance levels in rapid succession.

Currently trading at $8,451 at time of writing, the leading cryptocurrency took a steep 13% nosedive within minutes.

The precipitous fall marks the first time Bitcoin has dipped below $9,000 since June, with all of the major altcoins posting double-digit losses.

In an email to Bloomberg, Jeff Dorman, chief investment officer at Arca, a Los Angeles-based asset manager that invests in cryptocurrencies, writes,

“Price action is being driven by short-term technical analysis right now, as every low price that Bitcoin has bounced off of, and every high price that has been reached has proven to be resistance.

Because crypto is still dominated by short-term focused traders, these telegraphed narratives often become self fulfilling prophecies.”

Analyst and president of the Nakamoto Institute, Michael Goldstein says a further BTC dip below $8,300 is likely based on the stock-to-flow model.

The current 365 day model price in @100trillionUSD's stock-to-flow model is $8,285.https://t.co/o52XCFso13 pic.twitter.com/29OPJGHSDm

— Bitstein (@bitstein) September 24, 2019

Crypto analyst DonAlt is looking to the 100-day range.

A range of 100 days just broke to the downside.
If this is a bullish shakeout it'll be obvious once BTC reclaims $10k.
If this is bearish I don't want to be long.

Buying this feels like buying $5500 after the $6000 break.
Something I'm not willing to do.

— DonAlt (@CryptoDonAlt) September 24, 2019

Meanwhile, analyst Josh Rager is looking at the 200-day moving average.

https://twitter.com/Josh_Rager/status/1176579138397908993

The plunge follows Bakkt’s launch on Monday, the new Bitcoin futures trading platform from Intercontinental Exchange, which is being closely watched by the industry.

On launch day, 71 Bitcoin futures contracts were bought at an approximate total value of around $700,000.

Today’s drop also coincides with the upcoming close of CME Bitcoin futures contracts, which has historically triggered a 10% or more drop in the price of Bitcoin.

Traders who predicted today’s big drop blame crypto whales for trying to manipulate the price, with the futures contracts closing out on Friday.

[the_ad id=”66406″]

[the_ad id="42537"] [the_ad id="42536"]
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Venom Foundation Achieves 150,000 TPS in Closed-Network Stress Test, Paving the Way for 2025 Mainnet Upgrade
    May 23, 2025
  • XDC Network’s XVC Tech Announces Investment in Laser Digital Carry Fund, Launches Institutional Fund Infrastructure With Libre
    May 22, 2025
  • Psy Develops First Trustless Bridge From Dogecoin to Solana
    May 22, 2025
  • Mantle and Republic Technologies Forge Strategic Partnership To Pioneer Institutional mETH Integration
    May 22, 2025
  • BTCC Exchange Appoints Dan Liu as CEO Ahead of 14th Anniversary Milestone
    May 21, 2025
  • Bitcoin Suisse Secures In-Principle Approval From ADGM’s Financial Services Regulatory Authority
    May 21, 2025
  • Beer 2.0 – The Memecoin That’s Brewing Something Bigger on Solana
    May 20, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$107,943.92
$107,943.92
3.03%
Ethereum
$2,543.75
$2,543.75
6.16%
BNB
$664.65
$664.65
3.66%
Solana
$175.26
$175.26
4.76%
XRP
$2.33
$2.33
5.49%

Spotlight

  • Bitcoin To Eclipse $200,000 As Economic Volatility Subsides, Says Bitwise CIO Matt Hougan – Here’s the Timeline
    May 16, 2025
  • Bitcoin Flirting With Danger As BTC Faces Major Resistance Level, Says Trader Jason Pizzino – Here’s His Outlook
    May 16, 2025
  • Google Issues Cybersecurity Alert to US Retailers, Says Hackers Who Paralyzed UK Counterparts Now Targeting American Stores
    May 16, 2025
  • US Senators Make Potential Progress on Stablecoin Bill Amid Partisan Negotiations: Report
    May 16, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl