The price of Bitcoin (BTC), the largest cryptocurrency by market capitalization, has fallen below $110,000 as a broad-based selloff in digital assets accelerates.
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In late afternoon trading on Sept. 25, BTC was trading at $109,800, down 3% over the past 24 hours and sliding below the key support level of $110,000. Bitcoin is now down 12% from an all-time high of just over $124,000 reached in mid-August of this year.
The slide comes as large institutional investors and hedge funds turn bearish and sell their cryptocurrencies with stocks at an all-time high and macroeconomic uncertainty growing. Bitcoin and other crypto such as Ethereum (ETH) also face a wave of options expirations as we approach the end of the third quarter, which could further pressure prices.
Other Digital Assets
Bitcoin wasn’t the only crypto in the red on Sept. 25. Ethereum is down 5% on the day and trading below the key threshold of $4,000. In August, ETH traded at a record high of just under $5,000. Dogecoin (DOGE) was down 6% on the day at $0.22.
A slump in crypto prices during September is not unusual. The month is typically the worst point in the year for digital assets, leading some investors to dub it “Red September.” Analysts say that while retail investors continue to hold crypto, institutions have turned more skittish amid signs of persistent inflation and a weakening U.S. labor market.
Is Bitcoin a Buy?
Most analysts don’t offer ratings or price targets on Bitcoin. So instead, we’ll look at the three-month performance of BTC. As one can see in the chart below, the price of Bitcoin has risen 5.10% in the last 12 weeks.
