The Bitcoin price crashed by more than 9% as global risks accelerated. The BTC coin declined to an intraday low of $43,500, which was the lowest level since August 7th. This drop brought its total market capitalization to more than $858 billion.
Bitcoin and VIX index
The Bitcoin price declined sharply as risks in the market increased. The CBOE volatility index, which is the favourite gauge for volatility and fear rose to the highest level since May in a sign that investors are afraid about the current market conditions.
The daily chart shows that the BTC price has been under intense pressure in the past few weeks. After rising to more than $52,000 this month, the token has crashed by more than 17%. It remains slightly below the 50-day moving average but it is still being supported by the 100-day and 200-day MAs.
The Relative Strength Index (RSI) has formed a bearish divergence pattern. Therefore, there is a likelihood that the coin will keep pushing lower as investors target the key support at $40,000.
