Bitcoin’s price fell to an intraday low of $38,250 on the Bitstamp exchange today which is the lowest level reached since the early days of August 2021.
BTC is now being traded for $38,800 and it seems to have problems with a needed quick comeback.
Yesterday, the King of Crypto recovered to $43,500 but it was all a bear trap as it now fell by 12%.
Across the previous four hours alone around $372.65 million worth of crypto has been liquidated with long positions representing over 90% of this wipeout.
Naturally, altcoins took a blow as well, with Avalanche and Binance Coin especially recording big losses.
Earlier this month, Mike Novogratz predicted that Bitcoin would bottom out at $38,000 which is seen as a major support level.