Bitcoin price began to reclaim its losses gradually, bulls’ conviction proves hard to shake
Within hours today, Bitcoin price has dropped another 5% of the market value, falling from the $44,700 region to the $42,500 zone. At the time of writing, BTC is changing hands at $43,717, down 8% in the last 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price drops below $43,000 but is gradually recovering
BTC, at one point, fell briefly to near $42,500 before returning to hover near $44,000 in volatile conditions. Monday’s low was beneath that seen earlier in the month during the leverage cascade, with Bitcoin testing both its weekly higher low and 21-week exponential Moving Average (EMA) as support.
A lot of factors combine to create selling pressure for the BTC market. As AZCoin News reported, these were led by concerns about Evergrande defaulting on hundreds of millions of dollars in debt, which in turn put pressure on equities and strengthened the US dollar. The increased Bitcoin exchange balance provided an additional catalyst from within the market.
Others were even less fazed by the events of September 20, including popular trader Pentoshi, who revealed record BTC exposure at current levels.
“This is the most $BTC exposure I’ve ever had in my life fwiw hands down. Do I think 41k is possible? Yes. But I think we see 56-58k within three weeks. I’m macro bullish. I don’t see any HTF bearishness here. I’ve also taken some to the bank”, Pentoshi tweeted.
BTC/USD buy and sell levels (Binance) as of September 20 | Source: Material Indicators
“Black Swan” author wants you to stop calling Bitcoin a hedge against anything
In a recent tweet, the Black Swan author Nassim Nicholas Taleb claims that anyone who thinks the largest cryptocurrency can act as a hedge against inflation is a certified fraud.
Note of the day: bitcoin may interest some for speculative purposes but anyone who claims that #bitcoin is a 𝙝𝙚𝙙𝙜𝙚 against anything, financial or otherwise, is a certified fraud.
— Nassim Nicholas Taleb (@nntaleb) September 20, 2021
Previously, Taleb described Bitcoin as the first organic currency and then changed his mind earlier this year. In June, as AZCoin News reported, the scholar published a research paper claiming that Bitcoin is worthless and extremely fragile despite praising it in the past.
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