Around 21:00 UTC on Friday (September 27), Bitcoin managed to shake off the mood of doom and gloom in the crypto markets by bouncing back above the $8,200 level, thereby helping to bring some much-needed calm.
So, here’s a brief recap.
Bitcoin (BTC) started Thursday (September 26) at $8,431. Sadly, by 15:50 UTC, the Bitcoin price had dropped below the key $8,000 support level to $7,932. By the end of the day, Bitcoin managed to finish slightly higher — $7,991 — but still below the important $8,000 level.
Friday was thankfully a better day because Bitcoin managed to stay above $8K most of the day and by 21:00 UTC it had broken above the $8,200 level to reach the intraday high of $8,244.
According to data from CryptoCompare, at press time, Bitcoin is still managing to keep afloat above the $8,200 level:
As for the altcoins in the top 20, the only one in the red is Monero (XMR), which currently is down 0.12% in the past 24-hour period:
As for the biggest gainers among the top 50 cryptoassets, the biggest gainer is Zcash (ZEC), which is currently up over 12.27%:
As for who are the people selling their BTC in this week’s sell-off, crypto analyst/trader Josh Rager, who is also a Co-Founder of online crypto learning platform Blockroots, as well as an advisor to several blockchain startups, posted this interesting tweet yesterday, which uses data from on-chain market intelligence platform Glassnode, to point out that “the sell off wasn’t from long term holders selling their stack”:
On-chain data can show us how long someone has been holding their Bitcoin before selling
Based on ASOL, the avg coin had been held less than 30 days during the price dip
= the sell off wasn't from long term holders selling their stack
Source @glassnodehttps://t.co/HOiTdMlfxL pic.twitter.com/rX6En4rfZU
— Josh Rager 📈 (@Josh_Rager) September 27, 2019
Featured Image Credit: Photo via Pixabay.com
