According to, Bitcoin's price dropped by 1.75% on September 8, 2023, to nearly $25,850, wiping out almost all the gains made just hours before. The drop was due to a technical correction, as Bitcoin's price had been trending inside a narrow trading area, defined by $26,450 as resistance and $25,550 as support. This prompted traders to buy at support and sell at resistance, and a lack of buying momentum near the $26,450 resistance promoted the BTC/USD pair to pull back. Additionally, a minor bump in the exchanges' BTC balance has likely played a role in the price slide. These Bitcoin reserves have increased from over 2.03 million to 2.05 million BTC so far in September. The more BTC on exchanges, the more potential pressure on the market. The duration of the September 8 Bitcoin sell-off triggered a wave of long liquidations in the derivatives market, causing $7.78 million of long liquidation so far on September 8. In other words, traders were forced to sell their Bitcoin collateral to recover the borrowed amount, intensifying the market's selling pressure.
On October 11, 2023, the cryptocurrency market capitalization was down, with the U.S. Securities and Exchange Commission (SEC) spoiling the rally this week. The combined valuation of all cryptocurrencies fell 3.7% in the last 24 hours to $1.02 trillion on September 1. Bitcoin (BTC), which makes up nearly half of the crypto market, lost 4.5% in the last 24 hours. The selloff started after the SEC postponed its decision on six spot Bitcoin ETF applications, including BlackRock's, until October. The losses remained intact as Bitwise, one of the Bitcoin ETF applicants, withdrew its application after the SEC delay. The crypto market has been eagerly waiting for the SEC to approve a Bitcoin ETF in the U.S., under the impression that it would attract institutional investors and, in turn, bring more capital into the crypto sector.
According to, Bitcoin has been stuck in a slow decline in September, with neither bulls nor bears able to spark a clear trend. Large-volume investors are staying on the sidelines, with the area around $26,000 already an all-too-familiar home for Bitcoin in 2023. The current spot price is surrounded by trendlines, which analysts argue are helping to restrict volatility. The U.S. Dollar Index (DXY), known to inversely impact BTC price movements in times of volatility, is meanwhile building on an uptrend that’s been in place since mid-July.