☠ Nvidia Crash - Impact On Crypto Price?
Bitcoin investors are rushing to the sidelines as BTC prices dip below $56,000, reaching lows not seen since early August. This latest downturn wasn't triggered by Japanese stock market activity, but rather by turmoil surrounding tech giant Nvidia. A U.S. subpoena led to a sharp decline in Nvidia's stock, causing ripple effects across risk assets, including Bitcoin.
Gold, which recently hit an all-time high above $2,500, also took a hit, losing up to 1.3% on September 3. Meanwhile, Japan’s Nikkei 225 dropped 4.2% in the September 4 trading session, adding further pressure to Bitcoin and altcoins.
As the markets turned cautious, crypto traders noted Bitcoin's ongoing process of filling downside candle wicks, with short-term targets now extending to $51,500. Popular trader CrypNuevo highlighted the completion of a liquidity run and wick fill projection at $56,600, suggesting a potential bounce around these levels. If Bitcoin loses this support, it could drop to the daily wick fill at $51,500..
Amid these developments, volatility continues to dominate the market. Data from CoinGlass recorded $200 million in crypto long liquidations over the past 24 hours. QCP Capital also noted that its Volatility Momentum Indicator (VMI) has been triggered for both Bitcoin and Ethereum, signaling a period of heightened volatility. However, the signal remains "directionally agnostic," meaning it does not predict a specific market direction.
Will $BTC drop to $51k? Stay updated with @Professor Mende - Bonuz Ecosystem Founder and find out!
