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On one of the most tumultuous days in Bitcoin since the China miner crash, a $8,000 daily loss has the market scratching its head.
Bitcoin (BTC) plummeted dramatically as trading continued on Sept. 7, as a turbulent day sent BTC price action below $43,000 in one of the year’s most volatile days.
Whales blamed for major BTC sell-off
Data from TradingView captured the volatility as Bitcoin suddenly lost the psychological $50,000 level.
The rise happened just hours after analysts agreed that BTC/USD needed remain above $50,000 in order to maintain positive momentum.
Analyst van de Poppe identified $49,500 as the point of no return if it fails to hold as support. Following that, he stated that $44,000 may come next.
He subsequently noted that Bitcoin had closed the weekend’s CME futures gap.
Bitcoin was trading at roughly $46,700 at the time of writing, significantly below the required minimum, having reached a floor of $47,200.
Scott Melker, known as “The Wolf of All Streets,” a trader and analyst, blamed high-volume traders.
“Leave it to whales to dump Bitcoin on the day that El Salvador makes it legal tender,” he said.
“Real volume on the selling as well.”
As Cointelegraph reported, the largest cryptocurrency hit $52,960 — an almost four-month high — on Sept. 7, the day El Salvador adopted Bitcoin as its currency alongside the U.S. dollar.