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Bitcoin Price Drops Below $11,500: Rally Canceled?

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Bitcoin Price Drops

On Tuesday, August 25, as a result of a new escalation in volatility, Bitcoin price drops below $ 11,500.

Bitcoin Price Drops

At the $ 11,400 level, support didn’t strengthen, which led to a more substantial pullback. On some trading platforms, BTC fell to $ 11,250, however, then a rebound followed.

On Wednesday night, the largest digital currency is trading at $ 11,339. Bitcoin capitalization dropped to $ 209.451 billion.

Altcoins and Bitcoin price drops

The cost of all cryptocurrencies on the eve fell by more than $ 8 billion to $ 352.653 billion. The largest altcoin ether (ETH) fell to $ 379, it suffered the largest losses from the top ten cryptocurrencies, having fallen in price over the past 24 hours by more than 6%.

Bitcoin Price Drops

Some traders were expecting more support in the event that Bitcoin dropped to $ 11,400.

However, the decline did not stop at this level, and the risks of more significant losses appeared. True, then there was a rebound, and bitcoin returned to values above $ 11,300. This inspired optimism for those observers who operate on the data on the ongoing accumulation of BTC.

The Glassnode platform recorded another surge in the activity of large investors who own at least a thousand bitcoins. These players are taking advantage of the falling cryptocurrency value to build up their BTC reserves. They are confident that they will win, as, in the long term, the value of bitcoin will add.

Bitcoin Price Drops

Bitcoin Price Drops

The growing hashrate of BTC is another factor reflecting the positive sentiment of market participants. After the May halving (a reduction in the reward for mining a block), miners quickly increased their computing power and brought them to a new maximum.

Mining difficulty increased by 9% after halving, said Rafael Schultze-Kraft, CTO at Glassnode. This suggests that miners are not afraid of periodic Bitcoin rollbacks, and they continue to mine cryptocurrency, as they are confident that the rally will resume soon.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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