Bitcoin Price Drops, Crypto Ecosystem to Face Price Correction?

Bitcoin Price today it's down. Even though the decline is not too big, this decline is a sign that the crypto ecosystem is not in good condition. The reason is, not only Bitcoin, but the majority of crypto tokens are also experiencing prices plummeting today.

What is the real state of the crypto market now? Is it true that there will be a major price correction in the future and the price drop in the majority of crypto tokens today is the start of that price correction? Check out the explanation below.

Current Bitcoin Price Chart

As of today, the price of Bitcoin to USDT has decreased by 1.72%. Perhaps, this decline does seem small because the current BTC price is still above $64K. However, previously Bitcoin was for $66,076, which means the price of BTC has fallen quite a lot at this time.

Looking at the Bitcoin price graph taken from the Bitrue market above, the RSI value is quite worrying because it is at 39. This means that if the BTC RSI value falls again, then BTC will be recorded as experiencing over selling and this will make the BTC price fall further.

The BTC MACD indicator also decreased with a fairly wide distance between the two lines. This condition makes predictions of bearish BTC stronger.

Bitcoin Predicted to Rise in Q4

There is a unique curse that is widely believed among analysts and crypto observers, namely Bitcoin which always gets worse in September. This is not even just a curse that can be taken lightly because there is underlying data.

Above is data on the decline and rise in Bitcoin prices since 2013. You can see that every September, BTC experiences a price decline. If this data continues, it means that BTC token holders will be happy because it means that in October BTC will experience another price increase.

Crypto Ecosystem Will Experience Price Correction?

Currently, the majority of crypto tokens are red. Not only Bitcoin, but Ethereum, Solana, BNB, USDT, and various memecoins also experienced price declines. 

You can see from the screen capture the crypto ecosystem heatmaps taken from Cryptorank above. Many crypto tokens are experiencing price declines. The price decline is not that high, but this needs to be looked at more carefully because it is not just one or two tokens that have dropped in price.

This correction prediction is supported by Fear & Greed data. Currently, the crypto ecosystem is in the greed phase, which means that there is a chance for correction in the future. This greed phase has been going on since yesterday even though in the previous week, the crypto ecosystem was in the Neutral phase.

Quoted from Trading View, Bitcoin's role is currently quite dominant with a dominance figure of 57.17%. This Bitcoin dominance figure decreased by 0.63% in 24 hours.

Conclusion

That's an analysis of the price of Bitcoin and how the crypto market conditions are as of today, September 30. If you are currently researching Bitcoin or other crypto tokens, you can directly visit the Bitrue website.

There are many interesting features on Bitrue that you can use to do research before investing in crypto. You can check the token price and convert it to the current USD price, for example, BTC to USD to find out the latest information on the crypto ecosystem by reading articles on the Bitrue blog.

If you are a new player in the crypto ecosystem, Bitrue is also a website that makes it easier for you to learn how to buy BTC and other crypto tokens.